Chicago, Aug. 24 – Irradiant Partners, LP priced $497.75 million of notes in a collateralized loan obligation being issued by Rad CLO 20 Ltd./Rad CLO 20, LLC, according to a presale report and a press release.
The notes will mature on July 20, 2036.
The CLO consists of $315 million of class A senior secured floating-rate notes at SOFR plus 185 basis points, $65 million of class B senior secured floating-rate notes at SOFR plus 265 bps, $27.5 million of class C mezzanine secured deferrable floating-rate notes at SOFR plus 300 bps, $30 million of class D mezzanine secured deferrable floating-rate notes at SOFR plus 500 bps, $16.25 million of class E junior secured deferrable floating-rate notes at SOFR plus 808 bps and $44 million of subordinated notes.
Irradiant Partners will manage the collateral through the end of the reinvestment period in July 2028.
Collateral for the notes consists of non-investment-grade broadly syndicated loans and other assets.
The notes can be called starting July 2025.
Barclays was the placement agent.
Irradiant Partners is an alternative investment manager based in Santa Monica.
| Issuer: | Rad CLO 20 Ltd./Rad CLO 20, LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $497.75 million
|
| Maturity: | July 20, 2036
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays
|
| Manager: | Irradiant Partners, LP
|
| Call feature: | July 2025
|
| Pricing date: | Aug. 21
|
| Settlement date: | Sept. 7
|
|
|
| Class A notes
|
| Amount: | $315 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 185 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class B notes
|
| Amount: | $65 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 265 bps
|
| Rating: | Fitch: AA
|
|
|
| Class C notes
|
| Amount: | $27.5 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 300 bps
|
| Rating: | Fitch: A
|
|
|
| Class D notes
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| Amount: | $30 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 500 bps
|
| Rating: | Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | $16.25 million
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 808 bps
|
| Rating: | Fitch: BB
|
|
|
| Subordinated notes
|
| Amount: | $44 million
|
| Securities: | Subordinated notes
|
|
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