Chicago, April 6 – Ballyrock Investment Advisors LLC sold $433 million in a collateralized loan obligation being issued by Ballyrock CLO 19 Ltd./Ballyrock CLO 19 LLC, according to a pre-sale report.
The notes will mature on April 20, 2035.
The CLO consists of $222 million of class A-1 senior secured floating-rate notes at SOFR plus 133 basis points, $50 million of class A-1 senior secured floating-rate loans at SOFR plus 133 bps, $51 million of class A-2 senior secured floating-rate notes at SOFR plus 195 bps, $25.5 million of class B senior secured deferrable floating-rate notes at SOFR plus 235 bps, $25.5 million of class C senior secured deferrable floating-rate notes at SOFR plus 350 bps, $17 million of class D senior secured deferrable floating-rate notes at SOFR plus 711 bps and $42 million of subordinated notes.
Ballyrock Investment Advisors LLC will manage the collateral through the end of the reinvestment period on April 20, 2027.
Collateral for the notes consists of senior secured loans, cash and eligible investments.
The notes can be called starting April 20, 2024.
Morgan Stanley & Co. LLC was the placement agent.
The investment management firm is based in Boston.
| Issuer: | Ballyrock CLO 19 Ltd./Ballyrock CLO 19 LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $433 million
|
| Maturity: | April 20, 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | Morgan Stanley & Co. LLC
|
| Manager: | Ballyrock Investment Advisors LLC
|
| Call feature: | April 20, 2024
|
| Settlement date: | April 7
|
|
|
| Class A-1 notes
|
| Amount: | $222 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 133 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1 loans
|
| Amount: | $50 million
|
| Securities: | Senior secured floating-rate loans
|
| Coupon: | SOFR plus 133 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $51 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 195 bps
|
| Rating: | S&P: AA
|
|
|
| Class B notes
|
| Amount: | $25.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 235 bps
|
| Rating: | S&P: A
|
|
|
| Class C notes
|
| Amount: | $25.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 350 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class D notes
|
| Amount: | $17 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 711 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $42 million
|
| Securities: | Subordinated notes
|
|
|
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