Chicago, Sept. 6 – Irradiant Partners, LP issued $341.8 million in a collateralized loan obligation from Rad CLO 16, Ltd., according to a new issue report and a press release.
The notes will mature on Oct. 16, 2034.
The CLO consists of $201.5 million of class A-1 senior secured floating-rate notes at SOFR plus 225 basis points, $15.5 million of class A-2 4.72% senior secured fixed-rate notes, $40.3 million of class B senior secured floating-rate notes at SOFR plus 320 bps, $22.8 million of class C mezzanine secured deferrable floating-rate notes at SOFR plus 435 bps, $21.9 million of class D mezzanine secured deferrable floating-rate notes at SOFR plus 555 bps, $12.3 million of class E mezzanine secured deferrable floating-rate notes at SOFR plus 822 bps and $27.5 million of subordinated notes.
Irradiant Partners, LP 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.
Irradiant Partners is an alternative investment manager based in Santa Monica. The company was formed in 2021 through a spinoff from Kayne Anderson.
| Issuer: | Rad CLO 16, Ltd.
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $341.8 million
|
| Maturity: | Oct. 16, 2034
|
| Structure: | Cash flow CLO
|
| Arranger: | GreensLedge Capital Markets LLC
|
| Manager: | Irradiant Partners, LP
|
| Settlement date: | Sept. 1
|
|
|
| Class A-1 notes
|
| Amount: | $201.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 225 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-2 notes
|
| Amount: | $15.5 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 4.72%
|
| Rating: | Moody's: Aaa
|
|
|
| Class B notes
|
| Amount: | $40.3 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 320 bps
|
| Rating: | Fitch: AA
|
|
|
| Class C notes
|
| Amount: | $22.8 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 435 bps
|
| Rating: | Fitch: A
|
|
|
| Class D notes
|
| Amount: | $21.9 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 555 bps
|
| Rating: | Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | $12.3 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 822 bps
|
| Rating: | Fitch: BB-
|
|
|
| Subordinated notes
|
| Amount: | $27.5 million
|
| Securities: | Subordinated notes
|
|
|
|
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