Chicago, Dec. 10 – Redding Ridge Asset Management LLC sold $705.65 million in a collateralized loan obligation being issued by RR 19 Ltd./RR 19 LLC, according to a pre-sale report.
The notes will mature on Oct. 15, 2035.
The CLO consists of $423.5 million of class A-1 senior secured floating-rate notes at Libor plus 114 basis points, $87.5 million of class A-2 senior secured floating-rate notes at Libor plus 165 bps, $58.8 million of class B senior secured deferrable floating-rate notes at Libor plus 195 bps, $44.45 million of class C senior secured deferrable floating-rate notes at Libor plus 305 bps, $25.55 million of class D senior secured deferrable floating-rate notes at Libor plus 650 bps, $ million of class senior secured deferrable floating-rate notes at Libor plus bps and $65.85 million of subordinated notes..
Redding Ridge Asset Management LLC will manage the collateral through the end of the reinvestment period on Nov. 4, 2026.
Collateral for the notes comes from broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting Nov. 4, 2023.
Apollo Global Securities LLC and RBC Capital Markets LLC was the placement agent.
Redding Ridge is a registered investment adviser specializing in leveraged loans and global CLO management. The company is based in New York.
| Issuer: | RR 19 Ltd./RR 19 LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $705.65 million
|
| Maturity: | Oct. 15, 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | Apollo Global Securities LLC and RBC Capital Markets LLC
|
| Manager: | Redding Ridge Asset Management LLC
|
| Call feature: | Nov. 4, 2023
|
| Settlement date: | Nov. 4
|
|
|
| Class A-1 notes
|
| Amount: | $423.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 114 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $87.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Rating: | S&P: AA
|
|
|
| Class B notes
|
| Amount: | $58.8 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 195 bps
|
| Rating: | S&P: A
|
|
|
| Class C notes
|
| Amount: | $44.45 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 305 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class D notes
|
| Amount: | $25.55 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 650 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $65.85 million
|
| Securities: | Subordinated notes
|
|
|
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