Chicago, Feb. 8 – Ballyrock Investment Advisors LLC sold $448.25 million in a collateralized loan obligation being issued by Ballyrock CLO 23 Ltd./Ballyrock CLO 23 LLC, according to a presale report.
The notes will mature on April 25, 2036.
The CLO consists of $276.75 million of class A-1 senior secured floating-rate notes at SOFR plus 198 basis points, $65.25 million of class A-2 senior secured floating-rate notes at SOFR plus 250 bps, $24.75 million of class B senior secured deferrable floating-rate notes at SOFR plus 320 bps, $27 million of class C senior secured deferrable floating-rate notes at SOFR plus 520 bps, $13.5 million of class D senior secured deferrable floating-rate notes at SOFR plus 817 bps and $41 million of subordinated notes.
Ballyrock Investment Advisors LLC will manage the collateral through the end of the reinvestment period on April 25, 2028.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting April 25, 2025.
Barclays was the placement agent.
The investment management firm is based in Boston.
| Issuer: | Ballyrock CLO 23 Ltd./Ballyrock CLO 23 LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $448.25 million
|
| Maturity: | April 25, 2036
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays
|
| Manager: | Ballyrock Investment Advisors LLC
|
| Call feature: | April 25, 2025
|
| Settlement date: | Feb. 23
|
|
|
| Class A-1 notes
|
| Amount: | $276.75 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 198 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $65.25 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 250 bps
|
| Rating: | S&P: AA
|
|
|
| Class B notes
|
| Amount: | $24.75 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 320 bps
|
| Rating: | S&P: A
|
|
|
| Class C notes
|
| Amount: | $27 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 520 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class D notes
|
| Amount: | $13.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 817 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $41 million
|
| Securities: | Subordinated notes
|
|
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