CLO refinancing action steady; Neuberger Berman, Crescent Capital reprice vintage CLOs

By Cristal Cody

Tupelo, Miss., Nov. 20 – CLO refinancing action continues to remain steady at the end of the year.

Neuberger Berman Investment Advisers LLC refinanced $469.75 million of notes from a 2015 CLO.

Crescent Capital Group LP priced a $385.83 million refinancing and reset of a 2013 CLO.

More than $145 billion of vintage CLOs have been refinanced and/or reset, while nearly $100 billion of new issue CLOs have priced year to date, according to market sources.

In its deal, Neuberger Berman Investment Advisers refinanced $469.75 million of notes due Jan. 15, 2028 from the vintage 2015 Neuberger Berman CLO XX, Ltd./Neuberger Berman CLO XX, LLC transaction, according to a notice of executed supplemental indenture on Monday.

The CLO sold $317.5 million of class A-R senior secured floating-rate notes at Libor plus 80 basis points in the senior tranche.

Morgan Stanley & Co. LLC is the financing placement agent.

Neuberger Berman Investment Advisers will continue to manage the CLO.

Meanwhile, Crescent Capital Group sold $385.83 million of notes in a refinancing and reset of the 2013 Atlas Senior Loan Fund III, Ltd./Atlas Senior Loan Fund III, LLC transaction, according to a market source and a notice of executed second supplemental indenture on Monday.

Atlas Senior Loan Fund III priced the $255.2 million tranche of class A-R senior secured floating-rate notes at Libor plus 83 bps.

Goldman Sachs & Co. LLC arranged the deal.

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