Chicago, Feb. 28 – Redding Ridge Asset Management LLC refinanced for $552.78 million the collateralized loan obligation now issued by RR 28 Ltd./RR 28 LLC , according to a presale report.
The notes will mature on April 15, 2037.
The refinanced CLO consists of $322.4 million of class A-1-R senior secured floating-rate notes at SOFR plus 155 basis points, $72.8 million of class A-2-R senior secured floating-rate notes at SOFR plus 205 bps, $31.2 million of class B-R senior secured deferrable floating-rate notes at SOFR plus 245 bps, $23.4 million of class C-1-R senior secured deferrable floating-rate notes at SOFR plus 345 bps, $7.8 million of class C-2-R senior secured deferrable floating-rate notes at SOFR plus 445 bps, $19.5 million of class D-R senior secured deferrable floating-rate notes at SOFR plus 700 bps and $75.675 million of subordinated notes.
Redding Ridge Asset Management LLC will manage the collateral through the end of the reinvestment period on April 15, 2029.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting March 6, 2026.
J.P. Morgan Securities LLC and Apollo Global Securities LLC were the placement agents.
The CLO has transformed through the years. It was originally incorporated under GSM Meridian 1, then was known as Gulf Stream Meridian 1 Ltd. Later, it became RRX 1 Ltd. This is a refinancing of the transaction under the Gulf Stream name.
That Gulf Stream transaction had $352 million of class A-1 floating-rate notes at Libor plus 137 bps; $16.5 million of class A-2 floating-rate notes at Libor plus 165 bps; $49.5 million of class B floating-rate notes at Libor plus 200 bps; $33 million of class C floating-rate notes at Libor plus 250 bps, $30.25 million of class D floating-rate notes at Libor plus 350 bps; $22 million of class E floating-rate notes at Libor plus 645 bps and $51.18 million of subordinated notes. It matured April 15, 2033.
Redding Ridge is a registered investment adviser specializing in leveraged loans and global CLO management. The company is based in New York.
| Issuer: | RR 28 Ltd./RR 28 LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $552.775 million
|
| Maturity: | April 15, 2037
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities LLC and Apollo Global Securities LLC
|
| Manager: | Redding Ridge Asset Management LLC
|
| Call feature: | March 6, 2026
|
| Pricing date: | Feb. 22
|
| Settlement date: | March 6
|
|
|
| Class A-1-R notes
|
| Amount: | $322.4 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 155 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2-R notes
|
| Amount: | $72.8 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 205 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-R notes
|
| Amount: | $31.2 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 245 bps
|
| Rating: | S&P: A
|
|
|
| Class C-1-R notes
|
| Amount: | $23.4 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 345 bps
|
| Rating: | S&P: BBB
|
|
|
| Class C-2-R notes
|
| Amount: | $7.8 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 445 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class D-R notes
|
| Amount: | $19.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 700 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $75.675 million
|
| Securities: | Subordinated notes
|
|
|
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