Chicago, March 17 – Redding Ridge Asset Management, LLC refinanced and extended the broadly syndicated CLO with RR 6 Ltd./RR 6 LLC listed as issuers for $598.7 million, according to a pre-sale report.
The extended transaction, now due April 15, 2036, contains $3.5 million of class X-R senior secured floating-rate notes at Libor plus 65 basis points, $378 million of class A-1L senior secured floating-rate loans at Libor plus 112 bps and $72 million of class A-2L senior secured floating-rate loans at Libor plus 145 bps.
Additionally, there are $42 million of class B-R senior secured deferrable floating-rate notes at Libor plus 190 bps, $36 million of class C-R senior secured deferrable floating-rate notes at Libor plus 290 bps, $24 million of class D-R senior secured deferrable floating-rate notes at Libor plus 585 bps and $43.2 million of subordinated notes.
In the original CLO, RR 6 Ltd./RR 6 LLC sold $2 million of class X floating-rate notes at Libor plus 60 bps, $384 million of class A-1a floating-rate notes at Libor plus 125 bps, $30 million of class A-1b floating-rate notes at Libor plus 160 bps and $42 million of class A-2 deferrable floating-rate note sat Libor plus 192 bps.
The CLO also originally sold $39 million of class B deferrable floating-rate notes at Libor plus 250 bps, $33 million of class C deferrable floating-rate notes at Libor plus 345 bps, $24 million of class D deferrable floating-rate notes at Libor plus 675 bps and $43.2 million of subordinated notes.
The new notes can be called after two years.
Collateral will be managed by Redding Ridge until the end of the reinvestment period on April 15, 2026.
As part of the refinancing the class A-1B notes from the original transaction were removed and the maturity date was extended by six years and the reinvestment period was extended by four years.
BofA Securities Inc. is the initial purchaser.
The New York City-based asset management company was established in 2016 by Apollo Global Management, LLC.
| Issuer: | RR 6 Ltd./RR 6 LLC
|
| Issue: | Floating-rate notes, floating-rate loans and subordinated notes
|
| Structure: | Cash flow CLO
|
| Amount: | $598.7 million
|
| Maturity: | April 15, 2036
|
| Agent: | Redding Ridge Asset Management, LLC
|
| Manager: | BofA Securities Inc.
|
| Call: | March 16, 2023
|
| Announcement date: | March 15
|
| Settlement date: | March 16
|
|
|
| Class X-R notes
|
| Amount: | $3.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 65 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1L loans
|
| Amount: | $378 million
|
| Securities: | Senior secured floating-rate loans
|
| Coupon: | Libor plus 112 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2L loans
|
| Amount: | $72 million
|
| Securities: | Senior secured floating-rate loans
|
| Coupon: | Libor plus 145 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-R notes
|
| Amount: | $42 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Rating: | S&P: A
|
|
|
| Class C-R notes
|
| Amount: | $36 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 290 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class D-R notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 585 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $43.2 million
|
| Securities: | Subordinated notes
|
|
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