Neuberger Berman readies $412.21 million CLO offering of notes in 10 tranches

By Cristal Cody

Tupelo, Miss., Sept. 12 - CLO manager Neuberger Berman Fixed Income LLC set details for its $412.21 million collateralized loan obligation offering of notes due Oct. 15, 2025, which is expected to price in the upcoming weeks, according to informed sources on Thursday.

Neuberger Berman CLO XV, Ltd./Neuberger Berman CLO XV, LLC will bring $1.25 million of class X senior secured floating-rate notes (Aaa//); $105 million of class A-1 senior secured floating-rate notes (Aaa//); $150 million of class A-2 senior secured floating-rate notes (Aaa//); $20 million of class B-1 senior secured floating-rate notes; $25 million of class B-2 senior secured fixed-rate notes; $29 million of class C-1 secured deferrable floating-rate notes; $20.75 million of class D secured deferrable floating-rate notes; $17.75 million of class E secured deferrable floating-rate notes; $7.5 million of class F secured deferrable floating-rate notes and $35.96 million of subordinated notes.

Wells Fargo Securities LLC is the underwriter.

The notes have a non-call period that ends in October 2015, except for the tranche of class A-2 notes, which has a non-call period that ends in April 2015.

The CLO has a four-year reinvestment period.

The transaction is expected to close on Oct. 9.

Neuberger Berman Fixed Income was in the market in May when it priced the $413.19 million Neuberger Berman CLO XIV, Ltd./Neuberger Berman CLO XIV, LLC deal.

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