Chicago, Nov. 30 – Neuberger Berman Loan Advisers LLC refinanced and extended for $606 million a collateralized loan obligation issued by Neuberger Berman Loan Advisers CLO 33 Ltd./Neuberger Berman Loan Advisers CLO 33 LLC, according to a pre-sale report.
The notes will now mature on Oct. 16, 2033.
The refinanced CLO consists of $372 million of class A-R senior secured floating-rate notes at Libor plus 108 basis points, $84 million of class B-R senior secured floating-rate notes at Libor plus 160 bps, $36 million of class C-R senior secured deferrable floating-rate notes at Libor plus 190 bps, $36 million of class D-R senior secured deferrable floating-rate notes at Libor plus 290 bps, $24 million of class E-R senior secured deferrable floating-rate notes at Libor plus 625 bps and $54 million of subordinated notes.
Neuberger Berman Loan Advisers LLC will manage the collateral through the end of the reinvestment period on Oct. 16, 2024.
The CLO is backed primarily by broadly syndicated first-lien senior secured corporate loans.
The notes can be called starting Oct. 16, 2022.
Credit Suisse Securities (USA) LLC was the placement agent.
Neuberger Berman is a Chicago-based investment management firm and affiliate of Neuberger Berman Group, LLC.
| Issuer: | Neuberger Berman Loan Advisers CLO 33 Ltd./Neuberger Berman Loan Advisers CLO 33 LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $606 million
|
| Maturity: | Oct. 16, 2033
|
| Structure: | Cash flow CLO
|
| Placement agent: | Credit Suisse Securities (USA) LLC
|
| Manager: | Neuberger Berman Loan Advisers LLC
|
| Call feature: | Oct. 16, 2022
|
| Settlement date: | Oct. 18
|
|
|
| Class A-R notes
|
| Amount: | $372 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 108 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | $84 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $36 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $36 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 290 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 625 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $54 million
|
| Securities: | Subordinated notes
|
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