Chicago, Aug. 15 – Redding Ridge Asset Management LLC refinanced the entire RR 23 Ltd. collateralized loan obligation portfolio with new notes in a reset for $866.93 million, according to presale reports.
The notes will mature on Oct. 15, 2035.
The reset CLO consists of $522.75 million of class A-1a-R senior secured floating-rate notes at SOFR plus 175 basis points, $21.25 million of class A-1b-R senior secured floating-rate notes at SOFR plus 220 bps, $97.75 million of class A-2-R senior secured floating-rate notes at SOFR plus 265 bps, $43.35 million of class B-1-R senior secured deferrable floating-rate notes at SOFR plus 290 bps, $7.25 million of class B-2-R senior secured deferrable floating-rate notes at SOFR plus 360 bps, $39.5 million of class C-1-R senior secured deferrable floating-rate notes at SOFR plus 450 bps, $13.6 million of class C-2-R senior secured deferrable floating-rate notes at SOFR plus 645 bps, $26.35 million of class D-R senior secured deferrable floating-rate notes at SOFR plus 830 bps, $850,000 of class E-R senior secured deferrable floating-rate notes at SOFR plus 745 bps and $94.28 million of subordinated notes.
The notes are being reset in line with the original end of the non-call period on Aug. 28.
The original CLO consisted 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 reinvestment period on July 2028.
Collateral for the notes consists of non-investment-grade broadly syndicated loans and other assets.
The notes can be called starting July 2025.
Apollo Global Securities, LLC and RBC Capital Markets, LLC were the placement agents.
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 and subordinated notes
|
| Amount: | $866.93 million
|
| Maturity: | Oct. 15, 2035
|
| Structure: | Cash flow CLO
|
| Placement agents: | Apollo Global Securities, LLC and RBC Capital Markets, LLC
|
| Manager: | Redding Ridge Asset Management LLC
|
| Call feature: | July 2025
|
| Pricing date: | July 24
|
| Settlement date: | Aug. 29
|
|
|
| Class A-1a-R notes
|
| Amount: | $522.75 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 175 bps
|
| Rating: | Moody's: Aaa
|
| Fitch: AAA
|
|
|
| Class A-1b-R notes
|
| Amount: | $21.25 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 220 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class A-2-R notes
|
| Amount: | $97.75 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 265 bps
|
| Rating: | Fitch: AA
|
|
|
| Class B-1-R notes
|
| Amount: | $43.35 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 290 bps
|
| Rating: | Fitch: A+
|
|
|
| Class B-2-R notes
|
| Amount: | $7.25 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 360 bps
|
| Rating: | Fitch: A
|
|
|
| Class C-1-R notes
|
| Amount: | $39.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 450 bps
|
| Rating: | Fitch: BBB
|
|
|
| Class C-2-R notes
|
| Amount: | $13.6 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 645 bps
|
| Rating: | Fitch: BBB-
|
|
|
| Class D-R notes
|
| Amount: | $26.35 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 830 bps
|
| Rating: | Fitch: BB
|
|
|
| Class E-R notes
|
| Amount: | $0.85 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 745 bps
|
| Rating: | Moody's: B3
|
|
|
| Subordinated notes
|
| Amount: | $94.28 million
|
| Securities: | Subordinated notes
|
|
|
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