By Cristal Cody
Tupelo, Miss., Feb. 4 – Neuberger Berman Loan Advisers LLC priced $602,005,000 of notes due Jan. 19, 2032 in the Neuberger Berman Loan Advisors CLO 32, Ltd./Neuberger Berman Loan Advisors CLO 32, LLC transaction, according to a market source.
The CLO sold $366 million of class A senior secured floating-rate notes (Aaa/AAA) at Libor plus 133 basis points and $84 million of class B senior secured floating-rate notes (AA) at Libor plus 185 bps.
Neuberger also priced $45 million of class C mezzanine secured deferrable floating-rate notes (A) at Libor plus 265 bps; $30 million of class D mezzanine secured deferrable floating-rate notes (BBB-) at Libor plus 385 bps; $23.25 million of class E junior secured deferrable floating-rate notes (BB-) at Libor plus 670 bps and $53,755,000 of subordinated notes.
Wells Fargo Securities, LLC was the placement agent.
Neuberger Berman Loan Advisers will manage the CLO.
The issue has a two-year non-call period and a five-year reinvestment period.
The CLO is backed primarily by broadly syndicated first-lien senior secured corporate loans.
Neuberger Berman is a Chicago-based investment management firm and affiliate of Neuberger Berman Group, LLC.
| Issuer: | Neuberger Berman Loan Advisors CLO 32, Ltd./Neuberger Berman Loan Advisors CLO 32, LLC
|
| Amount: | $602,005,000
|
| Maturity: | Jan. 19, 2032
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Wells Fargo Securities, LLC
|
| Manager: | Neuberger Berman Loan Advisers LLC
|
| Call feature: | Two years
|
| Pricing date: | Jan. 28
|
| Settlement date: | March 5
|
|
|
| Class A notes
|
| Amount: | $366 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 133 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $84 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 185 bps
|
| Ratings: | Moody’s: Aa2
|
| S&P: AA
|
|
|
| Class C notes
|
| Amount: | $45 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 265 bps
|
| Ratings: | Moody’s: A2
|
| S&P: A
|
|
|
| Class D notes
|
| Amount: | $30 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 385 bps
|
| Ratings: | Moody’s: Baa3
|
| S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $23.25 million
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 670 bps
|
| Ratings: | Moody’s: Ba2
|
| S&P: BB-
|
|
|
| Equity
|
| Amount: | $53,755,000
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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