Chicago, Dec. 13 – Ballyrock Investment Advisors LLC priced $454.87 million of notes and loans in a collateralized loan obligation being issued by Ballyrock CLO 25 Ltd./Ballyrock CLO 25 LLC, according to a presale report.
The transaction will mature on Jan. 25, 2036.
The CLO consists of $20 million of class A-1a senior secured floating-rate notes at SOFR plus 165 basis points, $268 million of class A-1a senior secured floating-rate loans at SOFR plus 165 bps, $9 million of class A-1b senior secured floating-rate notes at SOFR plus 195 bps, $45 million of class A-2 senior secured deferrable floating-rate notes at SOFR plus 245 bps, $27 million of class B senior secured deferrable floating-rate notes at SOFR plus 280 bps, $27 million of class C senior secured deferrable floating-rate notes at SOFR plus 470 bps, $16.87 million of class D senior secured deferrable floating-rate notes at SOFR plus 779 bps and $42 million of subordinated notes.
Ballyrock Investment Advisors LLC will manage the collateral through the end of the reinvestment period on Jan. 25, 2026.
Collateral consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting Jan. 25, 2025.
RBC Capital Markets LLC was the placement agent.
The investment management firm is based in Boston.
| Issuer: | Ballyrock CLO 25 Ltd./Ballyrock CLO 25 LLC
|
| Issue: | Floating-rate notes, floating-rate loans and subordinated notes
|
| Amount: | $454.87 million
|
| Maturity: | Jan. 25, 2036
|
| Structure: | Cash flow CLO
|
| Placement agent: | RBC Capital Markets LLC
|
| Manager: | Ballyrock Investment Advisors LLC
|
| Call feature: | Jan. 25, 2025
|
| Pricing date: | Dec. 6
|
| Settlement date: | Dec. 20
|
|
|
| Class A-1a notes
|
| Amount: | $20 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 165 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1a loans
|
| Amount: | $268 million
|
| Securities: | Senior secured floating-rate loans
|
| Coupon: | SOFR plus 165 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1b notes
|
| Amount: | $9 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 195 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $45 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 245 bps
|
| Rating: | S&P: AA
|
|
|
| Class B notes
|
| Amount: | $27 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 280 bps
|
| Rating: | S&P: A
|
|
|
| Class C notes
|
| Amount: | $27 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 470 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class D notes
|
| Amount: | $16.87 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 779 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $42 million
|
| Securities: | Subordinated notes
|
|
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