By Cristal Cody
Tupelo, Miss., Feb. 12 - Neuberger Berman Fixed Income LLC priced $572 million of notes due 2026 in the Neuberger Berman CLO XVI, Ltd./Neuberger Berman CLO XVI, LLC transaction, according to a market source on Wednesday.
The CLO sold $4 million of class X senior secured floating-rate notes (Aaa) at Libor plus 100 basis points; $275.5 million of class A-1 senior secured floating-rate notes (Aaa) at Libor plus 147 bps; $60 million of 3.51% class A-2 senior secured fixed-rate notes (Aaa); $50 million of class B-1 senior secured floating-rate notes at Libor plus 200 bps and $18.75 million of 4.31% class B-2 senior secured fixed-rate notes at the top of the capital structure.
The CLO also sold $41.5 million of class C-1 mezzanine secured deferrable floating-rate notes at Libor plus 260 bps; $1 million of 5.36% class C-2 mezzanine secured deferrable fixed-rate notes; $33.75 million of class D mezzanine secured deferrable floating-rate notes at Libor plus 335 bps; $25.5 million of class E junior secured deferrable floating-rate notes at Libor plus 420 bps; $12.5 million of class F junior secured deferrable floating-rate notes at Libor plus 470 bps and $49.5 million of subordinated notes.
Morgan Stanley & Co. LLC arranged the deal.
The CLO will be managed by Neuberger Berman Fixed Income.
The CLO has a two-year non-call period and a four-year reinvestment period.
Neuberger Berman priced two CLO deals in 2013 that included the $413.19 million Neuberger Berman CLO XIV, Ltd./Neuberger Berman CLO XIV, LLC deal in May and the $412.21 million Neuberger Berman CLO XV, Ltd./Neuberger Berman CLO XV, LLC transaction in September.
The Chicago-based firm is part of the Neuberger Berman Group, LLC.
| Issuer: | Neuberger Berman CLO XVI, Ltd./Neuberger Berman CLO XVI, LLC
|
| Amount: | $572 million
|
| Maturity: | 2026
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Morgan Stanley & Co. LLC
|
| Manager: | Neuberger Berman Fixed Income LLC
|
| Call feature: | 2016
|
| Pricing date: | Feb. 11
|
| Settlement date: | March 11
|
|
|
| Class X notes
|
| Amount: | $4 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 100 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-1 notes
|
| Amount: | $275.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 147 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-2 notes
|
| Amount: | $60 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 3.51%
|
| Rating: | Moody's: Aaa
|
|
|
| Class B-1 notes
|
| Amount: | $50 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Ratings: | Non-rated
|
|
|
| Class B-2 notes
|
| Amount: | $18.75 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 4.31%
|
| Ratings: | Non-rated
|
|
|
| Class C-1 notes
|
| Amount: | $41.75 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 260 bps
|
| Ratings: | Non-rated
|
|
|
| Class C-2 notes
|
| Amount: | $1 million
|
| Securities: | Mezzanine secured deferrable fixed-rate notes
|
| Coupon: | 5.36%
|
| Ratings: | Non-rated
|
|
|
| Class D notes
|
| Amount: | $33.75 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 335 bps
|
| Ratings: | Non-rated
|
|
|
| Class E notes
|
| Amount: | $25.5 million
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 420 bps
|
| Ratings: | Non-rated
|
|
|
| Class F notes
|
| Amount: | $12.5 million
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 470 bps
|
| Ratings: | Non-rated
|
|
|
| Equity tranche
|
| Amount: | $49.5 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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