Chicago, Dec. 13 – Redding Ridge Asset Management LLC sold $641.8 million in a collateralized loan obligation being issued by RR 24 Ltd., according to a new issue report.
The notes will mature on Jan. 15, 2032.
The CLO consists of $438.75 million of class A-1 senior secured floating-rate notes at SOFR plus 240 basis points, $0 million of class A-1 senior secured floating-rate loans at SOFR plus 240 bps, $60.775 million of class A-2 senior secured floating-rate notes at SOFR plus 300 bps, $40.3 million of class B senior secured floating-rate notes at SOFR plus 390 bps, $32.85 million of class C senior secured floating-rate notes at SOFR plus 555 bps and $69.12 million of subordinated notes.
Redding Ridge Asset Management LLC will manage the collateral.
The CLO is static. There is no 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 24 Ltd.
|
| Issue: | Floating-rate notes, floating-rate loans and subordinated notes
|
| Amount: | $641.795 million
|
| Maturity: | Jan. 15, 2032
|
| Structure: | Cash flow CLO
|
| Manager: | Redding Ridge Asset Management LLC
|
| Settlement date: | Dec. 7
|
|
|
| Class A-1 notes
|
| Amount: | $438.75 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 240 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class A-1 loans
|
| Amount: | $0 million
|
| Securities: | Senior secured floating-rate loans
|
| Coupon: | SOFR plus 240 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $60.775 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 300 bps
|
| Rating: | Fitch: AA
|
|
|
| Class B notes
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| Amount: | $40.3 million
|
| Securities: | Senior secured floating-rate notes
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| Coupon: | SOFR plus 390 bps
|
| Rating: | Fitch: A
|
|
|
| Class C notes
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| Amount: | $32.85 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 555 bps
|
| Rating: | Fitch: BBB
|
|
|
| Subordinated notes
|
| Amount: | $69.12 million
|
| Securities: | Subordinated notes
|
|
|
|
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