Chicago, Nov. 3 – Neuberger Berman Europe Ltd. reset for €302.5 million the collateralized loan obligation issued by Neuberger Berman Loan Advisers Euro CLO 5 DAC, according to a presale report.
The notes will now mature on Jan. 20, 2037.
The reset CLO consists of €183 million of class A-R senior secured floating-rate notes at Euribor plus 170 basis points, €24.5 million of class B-1-R senior secured floating-rate notes at Euribor plus 275 bps, €10 million of class B-2-R 6.75% senior secured fixed-rate notes, €17.3 million of class C-R senior secured deferrable floating-rate notes at Euribor plus 360 bps, €20.2 million of class D-R senior secured deferrable floating-rate notes at Euribor plus 560 bps, €12 million of class E-R senior secured deferrable floating-rate notes at Euribor plus 787 bps, €10.5 million of class F-R senior secured deferrable floating-rate notes at Euribor plus 1,029 bps and €25 million of subordinated notes.
The original transaction had €173 million of class A senior secured floating-rate notes at Euribor plus 209 bps, €38.5 million of class B senior secured floating-rate notes at Euribor plus 406 bps, €16.1 million of class C senior secured deferrable floating-rate notes at Euribor plus 463 bps, €20.3 million of class D senior secured deferrable floating-rate notes at Euribor plus 616 bps, €12.1 million of class E senior secured deferrable floating-rate notes at Euribor plus 854 bps, €10.1 million of class F senior secured deferrable floating-rate notes at Euribor plus 957 bps and €25 million of subordinated notes.
Neuberger Berman Europe Ltd. will manage the collateral through the end of the reinvestment period on July 20, 2028.
Collateral for the notes consists of syndicated speculative-grade senior secured term loans and bonds.
The notes can be called starting Oct. 30, 2025.
Barclays was the placement agent.
The managing firm is based in London.
| Issuer: | Neuberger Berman Loan Advisers Euro CLO 5 DAC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | €302.5 million
|
| Maturity: | Jan. 20, 2037
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays
|
| Manager: | Neuberger Berman Europe Ltd.
|
| Call feature: | Oct. 30, 2025
|
| Pricing date: | Oct. 30
|
| Settlement date: | Dec. 6
|
|
|
| Class A-R notes
|
| Amount: | €183 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 170 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-1-R notes
|
| Amount: | €24.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 275 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-2-R notes
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| Amount: | €10 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 6.75%
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | €17.3 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 360 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | €20.2 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 560 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R notes
|
| Amount: | €12 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 787 bps
|
| Rating: | S&P: BB-
|
|
|
| Class F-R notes
|
| Amount: | €10.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 1029 bps
|
| Rating: | S&P: B-
|
|
|
| Subordinated notes
|
| Amount: | €25 million
|
| Securities: | Subordinated notes
|
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