Chicago, March 6 – Irradiant Partners, LP sold $397.65 million in a collateralized loan obligation being issued by RAD CLO 18, Ltd., according to a new issue report.
The notes will mature on April 15, 2036.
The CLO consists of $250 million of class A-1 senior secured floating-rate notes at SOFR plus 195 basis points, $8 million of class A-2 senior secured floating-rate notes at SOFR plus 230 bps, $42 million of class B senior secured floating-rate notes at SOFR plus 255 bps, $24 million of class C senior secured floating-rate notes at SOFR plus 325 bps, $24 million of class D senior secured floating-rate notes at SOFR plus 525 bps, $14 million of class E senior secured floating-rate notes at SOFR plus 848 bps and $35.65 million of subordinated notes.
Irradiant Partners, LP will manage the collateral through the end of the 5.1-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 18, Ltd.
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $397.65 million
|
| Maturity: | April 15, 2036
|
| Structure: | Cash flow CLO
|
| Manager: | Irradiant Partners, LP
|
| Settlement date: | March 2
|
|
|
| Class A-1 notes
|
| Amount: | $250 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 195 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $8 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 230 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $42 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 255 bps
|
| Rating: | Fitch: AA
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 325 bps
|
| Rating: | Fitch: A
|
|
|
| Class D notes
|
| Amount: | $24 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 525 bps
|
| Rating: | Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | $14 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 848 bps
|
| Rating: | Fitch: BB-
|
|
|
| Subordinated notes
|
| Amount: | $35.65 million
|
| Securities: | Subordinated notes
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
