Chicago, Oct. 13 – RBC Global Asset Management (U.S.) Inc. sold $399.02 million in a collateralized loan obligation being issued by BBAM US CLO II Ltd./BBAM US CLO II LLC, according to a presale report.
The notes will mature on Oct. 15, 2038.
The CLO consists of $250 million of class A-1L senior secured floating-rate loans at SOFR plus 190 basis points, $0 million of class A-1L senior secured floating-rate notes at SOFR plus 190 bps, $53 million of class A-2 senior secured floating-rate notes at SOFR plus 265 bps, $25 million of class B senior secured deferrable floating-rate notes at SOFR plus 300 bps, $19.2 million of class C-1 senior secured deferrable floating-rate notes at SOFR plus 450 bps, $4.8 million of class C-2 senior secured deferrable floating-rate notes at SOFR plus 700 bps, $12 million of class D senior secured deferrable floating-rate notes at SOFR plus 815 bps and $35.02 million of subordinated notes.
The A-1 loans may be converted into A-1 notes. No notes may be converted into loans.
RBC Global Asset Management (U.S.) Inc. will manage the collateral through the end of the reinvestment period on Oct. 15, 2028.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting Oct. 15, 2025.
RBC Capital Markets LLC and Apollo Global Securities LLC was the placement agent.
The investment adviser is based in Minneapolis.
| Issuer: | BBAM US CLO II Ltd./BBAM US CLO II LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $399.02 million
|
| Maturity: | Oct. 15, 2038
|
| Structure: | Cash flow CLO
|
| Placement agent: | RBC Capital Markets LLC and Apollo Global Securities LLC
|
| Manager: | RBC Global Asset Management (U.S.) Inc.
|
| Call feature: | Oct. 15, 2025
|
| Pricing date: | Oct. 12
|
| Settlement date: | Oct. 13
|
|
|
| Class A-1L loans
|
| Amount: | $250 million
|
| Securities: | Senior secured floating-rate loans
|
| Coupon: | SOFR plus 190 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1L notes
|
| Amount: | $0 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 190 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $53 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 265 bps
|
| Rating: | S&P: AA
|
|
|
| Class B notes
|
| Amount: | $25 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 300 bps
|
| Rating: | S&P: A+
|
|
|
| Class C-1 notes
|
| Amount: | $19.2 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 450 bps
|
| Rating: | S&P: BBB
|
|
|
| Class C-2 notes
|
| Amount: | $4.8 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 700 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class D notes
|
| Amount: | $12 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 815 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $35.02 million
|
| Securities: | Subordinated notes
|
|
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