Preliminary Ratings Assigned To Seven Neuberger Berman CLO XVII Ltd. Classes In Connection With Proposed Refinancing

Stocks and Financial Services Press Releases Thursday April 20, 2017 09:09
CENTENNIAL--20 Apr--S&P Global Ratings

CENTENNIAL (S&P Global Ratings) April 19, 2017--S&P Global Ratings todayassigned its preliminary ratings to the class X-R, A-R, B-1-R, B-2-R, C-R,D-R, and E-R replacement notes from Neuberger Berman CLO XVII Ltd., acollateralized loan obligation (CLO) originally issued in July 2014 that ismanaged by Neuberger Berman Investment Advisers LLC (see list). Thereplacement notes will be issued via a proposed supplemental indenture.

The preliminary ratings reflect our opinion that the credit support availableis commensurate with the associated rating levels. All replacement notes,except E-R, are expected to be issued at the same or lower spreads than theoriginal notes.

The preliminary ratings are based on information as of April 19, 2017.Subsequent information may result in the assignment of final ratings thatdiffer from the preliminary ratings.

On the May 4, 2017 refinancing date, the proceeds from the issuance of thereplacement notes are expected to redeem the original notes. At that time, weanticipate withdrawing the ratings on the original notes and assigning ratingsto the replacement notes. However, if the refinancing doesn't occur, we mayaffirm the ratings on the original notes and withdraw our preliminary ratingson the replacement notes.

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