By Cristal Cody
Tupelo, Miss., June 22 – Neuberger Berman Fixed Income LLC sold $410.15 million of 12-year notes in a collateralized loan obligation transaction, according to a market source.
Neuberger Berman CLO XIX, Ltd./Neuberger Berman CLO XIX, LLC priced $254 million of class A-1 floating-rate notes at Libor plus 142 basis points; $49 million of class A-2 floating-rate notes at Libor plus 180 bps; $23.6 million of class B floating-rate notes at Libor plus 260 bps; $22.4 million of class C floating-rate notes at Libor plus 355 bps at 98.98; $19.75 million of class D floating-rate notes at Libor plus 525 bps at 93.26; $6.25 million of class E floating-rate notes at Libor plus 600 bps at 85.94 and $35.15 million of subordinated notes.
BNP Paribas Securities Corp. was the placement agent.
Neuberger Berman Fixed Income will manage the CLO.
Neuberger Berman brought three CLOs in 2014.
The Chicago-based firm is part of Neuberger Berman Group, LLC.
| Issuer: | Neuberger Berman CLO XIX, Ltd./Neuberger Berman CLO XIX, LLC
|
| Amount: | $410.15 million
|
| Maturity: | 2027
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BNP Paribas Securities Corp.
|
| Manager: | Neuberger Berman Fixed Income LLC
|
| Pricing date: | June 16
|
|
|
| Class A-1 notes
|
| Amount: | $254 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 142 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa expected
|
| Standard & Poor’s: AAA expected
|
|
|
| Class A-2 notes
|
| Amount: | $49 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 180 bps
|
| Price: | Par
|
| Rating: | Moody’s: Aa2 expected
|
|
|
| Class B notes
|
| Amount: | $23.6 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 260 bps
|
| Price: | Par
|
| Rating: | Moody’s: A2 expected
|
|
|
| Class C notes
|
| Amount: | $22.4 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 355 bps
|
| Price: | 98.98
|
| Rating: | Moody’s: Baa3 expected
|
|
|
| Class D notes
|
| Amount: | $19.75 million
|
| Securities: | Senior deferrable floating-rate notes
|
| Coupon: | Libor plus 525 bps
|
| Price: | 93.26
|
| Rating: | Moody’s: Ba3 expected
|
|
|
| Class E notes
|
| Amount: | $6.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 600 bps
|
| Price: | 85.94
|
| Rating: | Moody’s: B2 expected
|
|
|
| Equity
|
| Amount: | $35.15 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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