Chicago, Jan. 7 – Ballyrock Investment Advisors LLC sold $559.85 million in a collateralized loan obligation being issued by Ballyrock CLO 18 Ltd./Ballyrock CLO 18 LLC, according to a pre-sale report.
The notes will mature on Jan. 15, 2035.
The CLO consists of $346.5 million of class A-1 senior secured floating-rate notes at Libor plus 115 basis points, $71.5 million of class A-2 senior secured floating-rate notes at Libor plus 165 bps, $33 million of class B senior secured deferrable floating-rate notes at Libor plus 205 bps, $33 million of class C senior secured deferrable floating-rate notes at Libor plus 310 bps, $22 million of class D senior secured deferrable floating-rate notes at Libor plus 650 bps and $53.85 million of subordinated notes.
Ballyrock Investment Advisors LLC will manage the collateral through the end of the reinvestment period on Jan. 15, 2027.
The collateral pool will have broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting Jan. 15, 2024.
Barclays was the placement agent.
The investment management firm is based in Boston.
| Issuer: | Ballyrock CLO 18 Ltd./Ballyrock CLO 18 LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $559.85 million
|
| Maturity: | Jan. 15, 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays
|
| Manager: | Ballyrock Investment Advisors LLC
|
| Call feature: | Jan. 15, 2024
|
| Settlement date: | Dec. 15
|
|
|
| Class A-1 notes
|
| Amount: | $346.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 115 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $71.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Rating: | S&P: AA
|
|
|
| Class B notes
|
| Amount: | $33 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 205 bps
|
| Rating: | S&P: A
|
|
|
| Class C notes
|
| Amount: | $33 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 310 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class D notes
|
| Amount: | $22 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 650 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $53.85 million
|
| Securities: | Subordinated notes
|
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