Chicago, Sept. 1 – Redding Ridge Asset Management LLC sold $399.2 million in a collateralized loan obligation issued by RR 23 Ltd., according to a new issue report and a press release.
The notes will mature on Oct. 15, 2035.
The CLO consists of $100 million of class A-1a senior secured floating-rate notes at SOFR plus 220 basis points, $0 million of class A-1aL floating-rate notes at SOFR plus 220 bps, $152 million of class A-1a floating-rate loans at SOFR plus 220 bps, $8 million of class A-1b senior secured floating-rate notes at SOFR plus 260 bps, $39 million of class A-2 senior secured floating-rate notes at SOFR plus 310 bps, $24 million of class B senior secured floating-rate notes at SOFR plus 415 bps, $15 million of class C-1 senior secured deferrable floating-rate notes at SOFR plus 500 bps, $11 million of class C-2 senior secured deferrable floating-rate notes at SOFR plus 570 bps, $9.6 million of class D senior secured deferrable floating-rate notes at SOFR plus 818 bps, $600,000 of class E senior secured deferrable floating-rate notes at SOFR plus 730 bps and $40 million of subordinated notes.
Redding Ridge Asset Management LLC will manage the collateral through the end of the 3.1-year reinvestment period.
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 23 Ltd.
|
| Issue: | Floating-rate notes, floating-rate loans and subordinated notes
|
| Amount: | $399.2 million
|
| Maturity: | Oct. 15, 2035
|
| Structure: | Cash flow CLO
|
| Manager: | Redding Ridge Asset Management LLC
|
| Settlement date: | Aug. 26
|
|
|
| Class A-1a notes
|
| Amount: | $100 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 220 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-1aL notes
|
| Amount: | $0 million
|
| Securities: | Floating-rate notes
|
| Coupon: | SOFR plus 220 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-1a loans
|
| Amount: | $152 million
|
| Securities: | Loans
|
| Coupon: | SOFR plus 220 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-1b notes
|
| Amount: | $8 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 260 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $39 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 310 bps
|
| Rating: | Fitch: AA
|
|
|
| Class B notes
|
| Amount: | $24 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 415 bps
|
| Rating: | Fitch: A
|
|
|
| Class C-1 notes
|
| Amount: | $15 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 500 bps
|
| Rating: | Fitch: BBB+
|
|
|
| Class C-2 notes
|
| Amount: | $11 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 570 bps
|
| Rating: | Fitch: BBB-
|
|
|
| Class D notes
|
| Amount: | $9.6 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 818 bps
|
| Rating: | Fitch: BB+
|
|
|
| Class E notes
|
| Amount: | $600,000
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 730 bps
|
| Rating: | Moody's: B3
|
|
|
| Subordinated notes
|
| Amount: | $40 million
|
| Securities: | Subordinated notes
|
|
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