Chicago, Feb. 24 – Redding Ridge Asset Management LLC sold $502.25 million in a collateralized loan obligation being issued by RR 25 Ltd., according to a presale report and a press release.
The notes will mature on April 15, 2036.
The CLO consists of $320 million of class A-1 senior secured floating-rate notes at SOFR plus 180 basis points, $55.25 million of class A-2 senior secured floating-rate notes at SOFR plus 250 bps, $24.75 million of class B-1 senior secured deferrable floating-rate notes at SOFR plus 305 bps, $5 million of class B-2 senior secured deferrable floating-rate notes at SOFR plus 335 bps, $24.5 million of class C-1 senior secured deferrable floating-rate notes at SOFR plus 500 bps, $7 million of class C-2 senior secured deferrable floating-rate notes at SOFR plus 545 bps, $15.25 million of class D secured deferrable floating-rate notes at SOFR plus 820 bps, $500,000 million of class E secured deferrable floating-rate notes at SOFR plus 725 bps and $50 million of subordinated notes.
Redding Ridge Asset Management LLC will manage the collateral through the end of the reinvestment period in April 2026.
Collateral for the notes consists of non-investment-grade broadly syndicated loans and other assets.
The notes can be called starting March 2024.
BofA Securities, Inc. was the placement agent.
Redding Ridge is a registered investment adviser specializing in leveraged loans and global CLO management. The company is based in New York.
| Issuer: | RR 25 Ltd.
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $502.25 million
|
| Maturity: | April 15, 2036
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Securities, Inc.
|
| Manager: | Redding Ridge Asset Management LLC
|
| Call feature: | March 2024
|
| Settlement date: | March 8
|
|
|
| Class A-1 notes
|
| Amount: | $320 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 180 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-2 notes
|
| Amount: | $55.25 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 250 bps
|
| Rating: | Fitch: AA
|
|
|
| Class B-1 notes
|
| Amount: | $24.75 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 305 bps
|
| Rating: | Fitch: A+
|
|
|
| Class B-2 notes
|
| Amount: | $5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 335 bps
|
| Rating: | Fitch: A
|
|
|
| Class C-1 notes
|
| Amount: | $24.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 500 bps
|
| Rating: | Fitch: BBB
|
|
|
| Class C-2 notes
|
| Amount: | $7 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 545 bps
|
| Rating: | Fitch: BBB-
|
|
|
| Class D notes
|
| Amount: | $15.25 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 820 bps
|
| Rating: | Fitch: BB
|
|
|
| Class E notes
|
| Amount: | $500,000
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 725 bps
|
| Rating: | Moody's: B3
|
|
|
| Subordinated notes
|
| Amount: | $50 million
|
| Securities: | Subordinated notes
|
|
|
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