Chicago, Jan. 13 – Irradiant Partners LP sold $504 million in a collateralized loan obligation being issued by Rad CLO 14 Ltd./Rad CLO 14 LLC, according to a pre-sale report.
The notes will mature on Jan. 15, 2035.
The CLO consists of $320 million of class A senior secured floating-rate notes at Libor plus 117 basis points, $60 million of class B senior secured floating-rate notes at Libor plus 165 bps, $30 million of class C senior secured floating-rate notes at Libor plus 200 bps, $30 million of class D senior secured floating-rate notes at Libor plus 300 bps, $20 million of class E senior secured floating-rate notes at Libor plus 650 bps and $44 million of subordinated notes.
Irradiant Partners LP will manage the collateral through the end of the reinvestment period on Jan. 15, 2027.
Collateral consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting Jan. 15, 2024.
Goldman Sachs & Co. LLC was the placement agent.
Irradiant Partners is an alternative investment manager based in Santa Monica. The company was formed in 2021 through a spinoff from Kayne Anderson.
Issuer: | Rad CLO 14 Ltd./Rad CLO 14 LLC
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Issue: | Floating-rate notes and subordinated notes
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Amount: | $504 million
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Maturity: | Jan. 15, 2035
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Structure: | Cash flow CLO
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Placement agent: | Goldman Sachs & Co. LLC
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Manager: | Irradiant Partners LP
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Call feature: | Jan. 15, 2024
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Settlement date: | Dec. 14
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Class A notes
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Amount: | $320 million
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Securities: | Senior secured floating-rate notes
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Coupon: | Libor plus 117 bps
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Rating: | Moody's: Aaa
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Class B notes
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Amount: | $60 million
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Securities: | Senior secured floating-rate notes
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Coupon: | Libor plus 165 bps
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Rating: | S&P: AA
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Class C notes
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Amount: | $30 million
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Securities: | Senior secured floating-rate notes
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Coupon: | Libor plus 200 bps
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Rating: | S&P: A
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Class D notes
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Amount: | $30 million
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Securities: | Senior secured floating-rate notes
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Coupon: | Libor plus 300 bps
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Rating: | S&P: BBB-
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Class E notes
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Amount: | $20 million
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Securities: | Senior secured floating-rate notes
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Coupon: | Libor plus 650 bps
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Rating: | Moody's: Ba3
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Subordinated notes
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Amount: | $44 million
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Securities: | Subordinated notes
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