Chicago, March 21 – RBC Global Asset Management (U.S.) Inc. sold $401.4 million in a collateralized loan obligation being issued by BBAM US CLO I Ltd./BBAM US CLO I LLC, according to a pre-sale report.
The notes will mature on April 15, 2035.
The CLO consists of $252 million of class A-1 senior secured floating-rate notes at SOFR plus 138 basis points, $46 million of class A-2 senior secured floating-rate notes at SOFR plus 195 bps, $30 million of class B senior secured deferrable floating-rate notes at SOFR plus 220 bps, $24 million of class C senior secured deferrable floating-rate notes at SOFR plus 330 bps, $15.4 million of class D senior secured deferrable floating-rate notes at SOFR plus 680 bps and $34 million of subordinated notes.
RBC Global Asset Management (U.S.) Inc. will manage the collateral through the end of the reinvestment period on April 15, 2027.
Collateral comes from broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting April 15, 2024.
Barclays and Apollo Global Securities LLC are the placement agents.
The investment adviser is based in Minneapolis.
| Issuer: | BBAM US CLO I Ltd./BBAM US CLO I LLC
|
| Amount: | $401.4 million
|
| Issue: | Floating-rate notes and subordinated notes
|
| Maturity: | April 15, 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays and Apollo Global Securities LLC
|
| Manager: | RBC Global Asset Management (U.S.) Inc.
|
| Call feature: | April 15, 2024
|
| Settlement date: | March 29
|
|
|
| Class A-1 notes
|
| Amount: | $252 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 138 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $46 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 195 bps
|
| Rating: | S&P: AA
|
|
|
| Class B notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 220 bps
|
| Rating: | S&P: A
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 330 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class D notes
|
| Amount: | $15.4 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 680 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $34 million
|
| Securities: | Subordinated notes
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
