Chicago, May 15 – Irradiant Partners, LP sold $396.6 million in a collateralized loan obligation issued by RAD CLO 19, Ltd., according to multiple press releases.
The notes will mature on April 20, 2035.
The CLO consists of $240 million of class A-1 senior secured floating-rate notes at SOFR plus 200 basis points, $20 million of class A-2 senior secured floating-rate notes at SOFR plus 200.005 bps, $40 million of class B senior secured floating-rate notes at SOFR plus 265 bps, $26 million of class C mezzanine secured deferrable floating-rate notes at SOFR plus 330.05 bps, $24 million of class D mezzanine secured deferrable floating-rate notes at SOFR plus 595 bps, $12 million of class E junior secured deferrable floating-rate notes at SOFR plus 868 bps and $34.6 million of subordinated notes.
Irradiant Partners will manage the collateral through the end of the reinvestment period on April 20, 2026.
Collateral for the notes consists of senior secured leveraged loans.
The notes can be called starting May 6, 2024.
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 19, Ltd.
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $396.6 million
|
| Maturity: | April 20, 2035
|
| Structure: | Cash flow CLO
|
| Manager: | Irradiant Partners, LP
|
| Call feature: | May 6, 2024
|
| Settlement date: | May 4
|
|
|
| Class A-1 notes
|
| Amount: | $240 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 200 bps
|
| Rating: | Moody’s: Aaa
|
|
|
| Class A-2 notes
|
| Amount: | $20 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 200.005 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $40 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 265 bps
|
| Rating: | Fitch: AA
|
|
|
| Class C notes
|
| Amount: | $26 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 330.05 bps
|
| Rating: | Fitch: AA
|
|
|
| Class D notes
|
| Amount: | $24 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 595 bps
|
| Rating: | Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | $12 million
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 868 bps
|
| Rating: | Fitch: BB-
|
|
|
| Subordinated notes
|
| Amount: | $34.6 million
|
| Securities: | Subordinated notes
|
|
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