Chicago, Aug. 8 – Redding Ridge Asset Management LLC sold $450.5 million in a collateralized loan obligation being issued by RR 22 Ltd., according to new issue reports.
The notes will mature on Oct. 15, 2035.
The CLO consists of $288 million of class A-1 senior secured floating-rate notes at SOFR plus 220 basis points, $33.1 million of class A-2 senior secured floating-rate notes at SOFR plus 290 bps, $16.4 million of class B-1 senior secured deferrable floating-rate notes at SOFR plus 325 bps, $26.6 million of class B-2 senior secured deferrable floating-rate notes at SOFR plus 350 bps, $16.2 million of class C-1 senior secured deferrable floating-rate notes at SOFR plus 440 bps, $12.8 million of class C-2 senior secured deferrable floating-rate notes at SOFR plus 485 bps, $11.7 million of class D secured deferrable floating-rate notes at SOFR plus 805 bps, $700,000 million of class E secured deferrable floating-rate notes at SOFR plus 730 bps and $45 million of subordinated notes.
Redding Ridge Asset Management LLC will manage the collateral through the end of the reinvestment period in 3.2 years.
Collateral for the notes consists of first-lien senior secured leveraged loans.
Redding Ridge is a registered investment adviser specializing in leveraged loans and global CLO management. The company is based in New York.
| Issuer: | RR 22 Ltd.
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $450.5 million
|
| Maturity: | Oct. 15, 2035
|
| Structure: | Cash flow CLO
|
| Manager: | Redding Ridge Asset Management LLC
|
| Settlement date: | Aug. 5
|
|
|
| Class A-1 notes
|
| Amount: | $288 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 220 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-2 notes
|
| Amount: | $33.1 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 290 bps
|
| Rating: | Moody's: Aa2
|
| Fitch: AA+
|
|
|
| Class B-1 notes
|
| Amount: | $16.4 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 325 bps
|
| Rating: | Fitch: A+
|
|
|
| Class B-2 notes
|
| Amount: | $26.6 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 350 bps
|
| Rating: | Fitch: A
|
|
|
| Class C-1 notes
|
| Amount: | $16.2 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 440 bps
|
| Rating: | Fitch: BBB+
|
|
|
| Class C-2 notes
|
| Amount: | $12.8 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 485 bps
|
| Rating: | Fitch: BBB-
|
|
|
| Class D notes
|
| Amount: | $11.7 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 805 bps
|
| Rating: | Fitch: BB+
|
|
|
| Class E notes
|
| Amount: | $700,000
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 730 bps
|
| Rating: | Moody's: B3
|
|
|
| Subordinated notes
|
| Amount: | $45 million
|
| Securities: | Subordinated notes
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
