Chicago, May 26 – Ballyrock Investment Advisors LLC sold $450.2 million in a collateralized loan obligation being issued by Ballyrock CLO 24 Ltd./Ballyrock CLO 24 LLC, according to a presale report.
The notes will mature on July 15, 2036.
The CLO consists of $283.5 million of class A-1 senior secured floating-rate notes at SOFR plus 177 basis points, $58.5 million of class A-2 senior secured floating-rate notes at SOFR plus 250 bps, $22.5 million of class B senior secured deferrable floating-rate notes at SOFR plus 315 bps, $27 million of class C senior secured deferrable floating-rate notes at SOFR plus 505 bps, $15.75 million of class D senior secured deferrable floating-rate notes at SOFR plus 837 bps and $42.95 million of subordinated notes.
Ballyrock Investment Advisors LLC will manage the collateral through the end of the reinvestment period on July 15, 2028.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting June 26, 2025.
Citigroup Global Markets Inc. was the placement agent.
The investment management firm is based in Boston.
| Issuer: | Ballyrock CLO 24 Ltd./Ballyrock CLO 24 LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $450.2 million
|
| Maturity: | July 15, 2036
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | Ballyrock Investment Advisors LLC
|
| Call feature: | June 26, 2025
|
| Settlement date: | June 26
|
|
|
| Class A-1 notes
|
| Amount: | $283.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 177 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $58.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 250 bps
|
| Rating: | S&P: AA
|
|
|
| Class B notes
|
| Amount: | $22.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 315 bps
|
| Rating: | S&P: A
|
|
|
| Class C notes
|
| Amount: | $27 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 505 bps
|
| Rating: | S&P: BBB
|
|
|
| Class D notes
|
| Amount: | $15.75 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 837 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $42.95 million
|
| Securities: | Subordinated notes
|
|
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