diff --git a/core/src/main/java/org/infinispan/util/Util.java b/core/src/main/java/org/infinispan/util/Util.java
index c08554f..220007e 100644
--- a/core/src/main/java/org/infinispan/util/Util.java
+++ b/core/src/main/java/org/infinispan/util/Util.java
@@ -142,17 +142,16 @@
             } catch (ClassNotFoundException ce) {
                e = ce;
             } catch (NoClassDefFoundError ce) {
+               log.unableToLoadClass(classname, Arrays.toString(cls), ne);
                ne = ce;
             }
          }
 
-         if (e != null)
-            throw e;
-         else if (ne != null) {
-            // Before we wrap this, make sure we appropriately log this.
-            log.unableToLoadClass(classname, Arrays.toString(cls), ne);
+         if (ne != null) {
+            // The class was actually found, but likely some dependency was not.
             throw new ClassNotFoundException(classname, ne);
-         }
+         } else if (e != null)
+            throw e;
          else
             throw new IllegalStateException();
    }