Chicago, Sept. 24 – Neuberger Berman Loan Advisers II LLC sold $611 million in a collateralized loan obligation being issued by Neuberger Berman Loan Advisers CLO 44 Ltd./Neuberger Berman Loan Advisers CLO 44 LLC, according to a pre-sale report.
The notes will mature on Oct. 16, 2034.
The CLO consists of $378 million of class A senior secured floating-rate notes at Libor plus 113 basis points, $78 million of class B senior secured floating-rate notes at Libor plus 160 bps, $36 million of class C senior secured deferrable floating-rate notes at Libor plus 190 bps, $36 million of class D senior secured deferrable floating-rate notes at Libor plus 285 bps, $24 million of class E senior secured deferrable floating-rate notes at Libor plus 600 bps and $59 million of subordinated notes.
Neuberger Berman Loan Advisers II LLC will manage the collateral through the end of the reinvestment period on Oct. 16, 2026.
The collateral pool will be broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting Sept. 27, 2023.
BofA Securities Inc. was the placement agent.
The Chicago-based investment management firm is an affiliate of Neuberger Berman Group LLC.
| Issuer: | Neuberger Berman Loan Advisers CLO 44 Ltd./Neuberger Berman Loan Advisers CLO 44 LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $611 million
|
| Maturity: | Oct. 16, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Securities Inc.
|
| Manager: | Neuberger Berman Loan Advisers II LLC
|
| Call feature: | Sept. 27, 2023
|
| Settlement date: | Sept. 27
|
|
|
| Class A notes
|
| Amount: | $378 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 113 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $78 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $36 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $36 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 285 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 600 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $59 million
|
| Securities: | Subordinated notes
|
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