By Cristal Cody
Tupelo, Miss., July 7 – Ballyrock Investment Advisors LLC priced $393.75 million of notes due July 20, 2030 in the manager’s first collateralized loan obligation deal of 2020, according to market sources.
Ballyrock CLO 2020-1 Ltd./Ballyrock CLO 2020-1 LLC sold $2.3 million of class X floating-rate notes at Libor plus 100 basis points, $248 million of class A-1 floating-rate notes at Libor plus 170 bps and $56 million of class A-2 floating-rate notes at Libor plus 240 bps.
The CLO also priced $24 million of class B deferrable floating-rate notes at Libor plus 290 bps; $20 million of class C deferrable floating-rate notes at Libor plus 450 bps; $12 million of class D deferrable floating-rate notes at Libor plus 718 bps and $31.45 million of subordinated notes.
Citigroup Global Markets Inc. was the placement agent.
Ballyrock Investment Advisors will manage the CLO.
The CLO has a one-year non-call period and a two-year reinvestment period.
The transaction is collateralized primarily by broadly syndicated senior secured corporate loans.
The investment management firm is based in Boston.
| Issuer: | Ballyrock CLO 2020-1 Ltd./Ballyrock CLO 2020-1 LLC
|
| Amount: | $393.75 million
|
| Maturity: | July 20, 2030
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | Ballyrock Investment Advisors LLC
|
| Call feature: | One year
|
| Settlement date: | July 8
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class X notes
|
| Amount: | $2.3 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 100 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1 notes
|
| Amount: | $248 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $56 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 240 bps
|
| Rating: | S&P: AA
|
|
|
| Class B notes
|
| Amount: | $24 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 290 bps
|
| Rating: | S&P: A
|
|
|
| Class C notes
|
| Amount: | $20 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 450 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class D notes
|
| Amount: | $12 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 718 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $31.45 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
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