Chicago, June 27 – Redding Ridge Asset Management (UK) LLP sold €453.25 million in a collateralized loan obligation being issued by RRE 12 Loan Management DAC, according to a presale report, a press release and the listing particulars.
The notes will mature on July 15, 2037.
The CLO consists of €268.9 million of class A-1 senior secured floating-rate notes at Euribor plus 115 basis points, €32.2 million of class A-2A senior secured floating-rate notes at Euribor plus 235 bps, €15 million of class A-2B 3.45% senior secured fixed-rate notes, €33.3 million of class B senior secured deferrable floating-rate notes at Euribor plus 350 bps, €24.3 million of class C-1 senior secured deferrable floating-rate notes at Euribor plus 423 bps, €7.2 million of class C-2 senior secured deferrable floating-rate notes at Euribor plus 433 bps, €21.2 million of class D senior secured deferrable floating-rate notes at Euribor plus 790 bps and €51.15 million of subordinated notes.
Redding Ridge Asset Management (UK) LLP will manage the collateral through the end of the reinvestment period on July 15, 2027.
Collateral for the notes consists of senior secured obligations.
The notes can be called starting June 23, 2024.
Barclays and Apollo Management International LLP 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 12 Loan Management DAC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | €453.25 million
|
| Maturity: | July 15, 2037
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays and Apollo Management International LLP
|
| Manager: | Redding Ridge Asset Management (UK) LLP
|
| Call feature: | June 23, 2024
|
| Settlement date: | June 22
|
|
|
| Class A-1 notes
|
| Amount: | €268.9 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 115 bps
|
| Rating: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class A-2A notes
|
| Amount: | €32.2 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 235 bps
|
| Rating: | S&P: AA
|
| Fitch: AA
|
|
|
| Class A-2B notes
|
| Amount: | €15 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 3.45%
|
| Rating: | S&P: AA
|
| Fitch: AA
|
|
|
| Class B notes
|
| Amount: | €33.3 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 350 bps
|
| Rating: | S&P: A
|
| Fitch: A
|
|
|
| Class C-1 notes
|
| Amount: | €24.3 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 423 bps
|
| Rating: | S&P: BBB
|
| Fitch: BBB
|
|
|
| Class C-2 notes
|
| Amount: | €7.2 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 433 bps
|
| Rating: | S&P: BBB
|
| Fitch: BBB-
|
|
|
| Class D notes
|
| Amount: | €21.2 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 790 bps
|
| Rating: | S&P: BB-
|
| Fitch: BB-
|
|
|
| Subordinated notes
|
| Amount: | €51.15 million
|
| Securities: | Subordinated notes
|
|
|
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