Chicago, Feb. 10 – Neuberger Berman Europe Ltd. sold €306.15 million in a collateralized loan obligation being issued by Neuberger Berman Loan Advisers Euro CLO 3 DAC, according to a pre-sale report.
The notes will mature on Oct. 25, 2034.
The CLO consists of €186 million of class A floating-rate notes at Euribor plus 92 basis points, €30.75 million of class B floating-rate notes at Euribor plus 170 bps, €18.75 million of class C floating-rate notes at Euribor plus 225 bps, €20.25 million of class D floating-rate notes at Euribor plus 320 bps, €15 million of class E floating-rate notes at Euribor plus 632 bps, €9 million of class F floating-rate notes at Euribor plus 887 bps and €26.4 million of subordinated notes.
Neuberger Berman Europe Ltd. will manage the collateral through the end of the reinvestment period on Oct. 25, 2026.
Collateralizing the notes are syndicated speculative-grade senior secured term loans.
The notes can be called starting Oct. 25, 2023.
J.P. Morgan Securities plc was the placement agent.
The managing firm is based in London.
| Issuer: | Neuberger Berman Loan Advisers Euro CLO 3 DAC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | €306.15 million
|
| Maturity: | Oct. 25, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities plc
|
| Manager: | Neuberger Berman Europe Ltd.
|
| Call feature: | Oct. 25, 2023
|
| Settlement date: | March 24
|
|
|
| Class A notes
|
| Amount: | €186 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 92 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | €30.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 170 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | €18.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 225 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | €20.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 320 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | €15 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 632 bps
|
| Rating: | S&P: BB-
|
|
|
| Class F notes
|
| Amount: | €9 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 887 bps
|
| Rating: | S&P: B-
|
|
|
| Subordinated notes
|
| Amount: | €26.4 million
|
| Securities: | Subordinated notes
|
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