Chicago, May 20 – Redding Ridge Asset Management (UK) LLP is refinancing €450 million of notes from its RRE 2 Loan Management DAC CLO transaction which originally closed in June 2019, according to a notice.
The maturity date on the refinancing notes has been extended to July 16, 2035.
The portfolio will now contain €300 million of class A-1-R senior secured floating-rate notes at Euribor plus 86 basis points, €47.5 million of class A-2-R senior secured floating-rate notes at Euribor plus 145 bps, €50 million of class B-R senior secured deferrable floating-rate notes at Euribor plus 205 bps, €32.5 million of class C-R senior secured deferrable floating-rate notes at Euribor plus 305 bps and €20 million of class D-R senior secured deferrable floating-rate notes at Euribor plus 580 bps.
There are €53.64 million of subordinated notes, including an additional €11.34 million of subordinated notes that were issued on the refinancing date.
The original CLO from 2019 included €228 million of class A-1 senior secured floating-rate notes (Aaa/AAA) at Euribor plus 113 bps; €10 million of class A-2 senior secured floating-rate notes (Aaa/AAA) at Euribor plus 150 bps; €44 million of class B senior secured floating-rate notes (Aa2/AA) at Euribor plus 180 bps; €26 million of class C senior secured deferrable floating-rate notes (A2/A) at Euribor plus 240 bps; €28.75 million of class D senior secured deferrable floating-rate notes (Baa3/BBB-) at Euribor plus 360 bps; €23.25 million of class E senior secured deferrable floating-rate notes (Ba3/BB-) at Euribor plus 580 bps and €42.3 million of subordinated notes.
The non-call period has been extended as part of the transaction.
The reinvestment period has also been extended.
Redding Ridge will manage the collateral through the four-year reinvestment period.
The London-based firm is part of Redding Ridge Asset Management, LLC, a New York City-based asset management company established in 2016 by Apollo Global Management, LLC.
| Issuer: | RRE 2 Loan Management DAC
|
| Issue: | Floating-rate notes
|
| Amount: | €450 million
|
| Maturity: | July 16, 2035
|
| Structure: | Cash flow CLO
|
| Manager: | Redding Ridge Asset Management (UK) LLP
|
| Announcement date: | May 20
|
|
|
| Class A-1-R notes
|
| Amount: | €300 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 86 bps
|
| Ratings: | Moody's: Aaa
|
| S&P: AAA
|
|
|
| Class A-2-R notes
|
| Amount: | €47.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 145 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-R notes
|
| Amount: | €50 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 205 bps
|
| Rating: | S&P: A
|
|
|
| Class C-R notes
|
| Amount: | €32.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 305 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class D-R notes
|
| Amount: | €20 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 580 bps
|
| Rating: | Moody's: Ba3
|
| S&P: BB-
|
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