Chicago, May 3 – Redding Ridge Asset Management LLC priced a refinancing and extension for $465.52 million of the collateralized loan obligation issued by RR 5 Ltd./RR 5 LLC, according to a presale report.
The transaction will mature on July 15, 2039.
The CLO now consists of $205 million of class A-1-R senior secured floating-rate notes at SOFR plus 150 basis points, $58.5 million of class A-1L senior secured floating-rate loans at SOFR plus 150 basis points, $0 million of class A-1L senior secured floating-rate notes at SOFR plus 150 basis points, $55.25 million of class A-2-R senior secured floating-rate notes at SOFR plus 195 basis points, $29.75 million of class B-R senior secured deferrable floating-rate notes at SOFR plus 250 basis points, $25.5 million of class C-R senior secured deferrable floating-rate notes at SOFR plus 360 basis points, $14.9 million of class D-R senior secured deferrable floating-rate notes at SOFR plus 660 basis points and $76.62 million of subordinated notes.
Redding Ridge Asset Management LLC will manage the collateral through the end of the reinvestment period on July 15, 2029.
Collateral consists of broadly syndicated speculative-grade senior secured term loans.
The CLO can be called starting May 16, 2026.
Apollo Global Securities LLC was the placement agent.
The original CLO had $4.6 million of class X floating-rate notes (AAA) at Libor plus 70 bps, $300 million of class A-1 floating-rate notes (AAA) at Libor plus 112 bps and $52.5 million of class A-2 floating-rate notes (AA) at Libor plus 165 bps.
The deal also originally included $54.5 million of class B deferrable floating-rate notes (A), $32 million of class C deferrable floating-rate notes (BBB-), $18.5 million of class D deferrable floating-rate notes (BB-) and $43 million of subordinated notes.
The New York City-based asset management company was established in 2016 by Apollo Global Management, LLC.
| Issuer: | RR 5 Ltd./RR 5 LLC
|
| Issue: | Floating-rate notes, floating-rate loans and subordinated notes
|
| Amount: | $465.52 million
|
| Maturity: | July 15, 2039
|
| Structure: | Cash flow CLO
|
| Placement agent: | Apollo Global Securities LLC
|
| Manager: | Redding Ridge Asset Management LLC
|
| Call feature: | May 16, 2026
|
| Pricing date: | May 2
|
| Settlement date: | May 16
|
|
|
| Class A-1-R notes
|
| Amount: | $205 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 150 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1L loans
|
| Amount: | $58.5 million
|
| Securities: | Senior secured floating-rate loans
|
| Coupon: | SOFR plus 150 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1L notes
|
| Amount: | $0 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 150 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2-R notes
|
| Amount: | $55.25 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 195 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-R notes
|
| Amount: | $29.75 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 250 bps
|
| Rating: | S&P: A
|
|
|
| Class C-R notes
|
| Amount: | $25.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 360 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class D-R notes
|
| Amount: | $14.9 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 660 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $76.62 million
|
| Securities: | Subordinated notes
|
|
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