Chicago, April 5 – Redding Ridge Asset Management (UK) LLP sold €508.2 million in a collateralized loan obligation being issued by RRE 11 Loan Management DAC, according to a notice of the listing particulars and multiple releases.
The notes will mature on March 31, 2035.
The CLO consists of €297.5 million of class A-1 senior secured floating-rate notes at Euribor plus 92 basis points, €27 million of class A-2A senior secured floating-rate notes at Euribor plus 170 bps, €35.5 million of class A-2B 2.1% senior secured fixed-rate notes, €37.5 million of class B senior secured deferrable floating-rate notes at Euribor plus 225 bps, €31.25 million of class C senior secured deferrable floating-rate notes at Euribor plus 330 bps, €23.75 million of class D senior secured deferrable floating-rate notes at Euribor plus 660 bps and €55.7 million of subordinated notes.
Redding Ridge Asset Management (UK) LLP will manage the collateral through the end of the reinvestment period on March 31, 2027.
Collateral for the notes consists of senior secured obligations.
The notes can be called starting March 31, 2024.
Citigroup Global Markets Ltd. and Apollo Europe Ltd. was the placement agent.
The London-based firm is part of Redding Ridge Asset Management, LLC, a New York City-based asset management company established in 2016 by Apollo Global Management, LLC.
| Issuer: | RRE 11 Loan Management DAC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | €508.2 million
|
| Maturity: | March 31, 2035
|
| Structure: | Cash flow CLO
|
| Placement agents: | Citigroup Global Markets Ltd. and Apollo Europe Ltd.
|
| Manager: | Redding Ridge Asset Management (UK) LLP
|
| Call feature: | March 31, 2024
|
| Settlement date: | March 31
|
| Reinvestment period: | March 31, 2027
|
|
|
| Class A-1 notes
|
| Amount: | €297.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 92 bps
|
| Rating: | S&P: AAA
|
| Fitch: AAA
|
| KBRA: AAA
|
|
|
| Class A-2A notes
|
| Amount: | €27 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 170 bps
|
| Rating: | S&P: AA
|
| Fitch: AA
|
| KBRA: AA
|
|
|
| Class A-2B notes
|
| Amount: | €35.5 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.1%
|
| Rating: | S&P: AA
|
| Fitch: AA
|
| KBRA: AA
|
|
|
| Class B notes
|
| Amount: | €37.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 225 bps
|
| Rating: | S&P: A
|
| Fitch: A-
|
| KBRA: A
|
|
|
| Class C notes
|
| Amount: | €31.25 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 330 bps
|
| Rating: | S&P: BBB-
|
| Fitch: BBB-
|
| KBRA: BBB-
|
|
|
| Class D notes
|
| Amount: | €23.75 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 660 bps
|
| Rating: | S&P: BB-
|
| Fitch: BB-
|
| KBRA: BB-
|
|
|
| Subordinated notes
|
| Amount: | €55.7 million
|
| Securities: | Subordinated notes
|
|
|
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