Chicago, April 20 – Redding Ridge Asset Management LLC priced $404.4 million in a collateralized loan obligation being issued by RR 20 Ltd./RR 20 LLC, according to a presale report.
The notes will mature on July 15, 2037.
The CLO consists of $240 million of class A-1 senior secured floating-rate notes at SOFR plus 142 basis points, $56 million of class A-2 senior secured floating-rate notes at SOFR plus 200 bps, $32 million of class B senior secured deferrable floating-rate notes at SOFR plus 250 bps, $24 million of class C senior secured deferrable floating-rate notes at SOFR plus 360 bps, $13.4 million of class D senior secured deferrable floating-rate notes at SOFR plus 725 bps and $39 million of subordinated notes.
Redding Ridge Asset Management LLC will manage the collateral through the end of the reinvestment period on July 15, 2027.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting May 4, 2024.
Apollo Global Securities LLC was the placement agent.
Redding Ridge is a registered investment adviser specializing in leveraged loans and global CLO management. The company is based in New York.
This is the CLO managers first CLO in 2022.
| Issuer: | RR 20 Ltd./RR 20 LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $404.4 million
|
| Maturity: | July 15, 2037
|
| Structure: | Cash flow CLO
|
| Placement agent: | Apollo Global Securities LLC
|
| Manager: | Redding Ridge Asset Management LLC
|
| Call feature: | May 4, 2024
|
| Settlement date: | May 5
|
|
|
| Class A-1 notes
|
| Amount: | $240 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 142 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $56 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 200 bps
|
| Rating: | S&P: AA
|
|
|
| Class B notes
|
| Amount: | $32 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 250 bps
|
| Rating: | S&P: A
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 360 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class D notes
|
| Amount: | $13.4 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 725 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $39 million
|
| Securities: | Subordinated notes
|
|
|
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