Chicago, July 26 – Ballyrock Investment Advisors LLC priced $496.5 million in a collateralized loan obligation being issued by Ballyrock CLO 20 Ltd./Ballyrock CLO 20 LLC, according to a presale report.
The notes will mature on July 15, 2034.
The CLO consists of $300 million of class A-1AL senior secured floating-rate notes at SOFR plus 165 basis points, $20 million of class A-1A 4.32% senior secured fixed-rate notes, $9.25 million of class A-1B 5.13% senior secured fixed-rate notes, $38.25 million of class A-2A senior secured floating-rate notes at SOFR plus 305 bps, $10 million of class A-2B 5.48% senior secured fixed-rate notes, $27.5 million of class B senior secured deferrable floating-rate notes at SOFR plus 380 bps, $30 million of class C senior secured deferrable floating-rate notes at SOFR plus 511 bps, $19 million of class D senior secured deferrable floating-rate notes at SOFR plus 819 bps and $42.5 million of subordinated notes.
Ballyrock Investment Advisors LLC will manage the collateral through the end of the reinvestment period on July 15, 2025.
Collateral for the notes consists of broadly syndicated senior secured term loans.
The notes can be called starting July 15, 2023.
J.P. Morgan Securities LLC was the placement agent.
The investment management firm is based in Boston.
| Issuer: | Ballyrock CLO 20 Ltd./Ballyrock CLO 20 LLC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $496.5 million
|
| Maturity: | July 15, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Manager: | Ballyrock Investment Advisors LLC
|
| Call feature: | July 15, 2023
|
| Settlement date: | July 29
|
|
|
| Class A-1AL notes
|
| Amount: | $300 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 165 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1A notes
|
| Amount: | $20 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 4.32%
|
| Rating: | S&P: AAA
|
|
|
| Class A-1B notes
|
| Amount: | $9.25 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 5.13%
|
| Rating: | S&P: AAA
|
|
|
| Class A-2A notes
|
| Amount: | $38.25 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 305 bps
|
| Rating: | S&P: AA
|
|
|
| Class A-2B notes
|
| Amount: | $10 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 5.48%
|
| Rating: | S&P: AA
|
|
|
| Class B notes
|
| Amount: | $27.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 380 bps
|
| Rating: | S&P: A
|
|
|
| Class C notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 511 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class D notes
|
| Amount: | $19 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 819 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $42.5 million
|
| Securities: | Subordinated notes
|
|
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