Chicago, May 25 – Ballyrock Investment Advisors LLC sold a $409.25 million new collateralized loan obligation that lists Ballyrock CLO 15 Ltd./Ballyrock CLO 15 LLC as co-issuers, according to a pre-sale report.
The maturity date for the transaction is April 15, 2034.
The portfolio includes $256 million of class A-1 senior secured floating-rate notes at Libor plus 106 basis points, $48 million of class A-2 senior secured floating-rate notes at Libor plus 160 bps, $24 million of class B senior secured deferrable floating-rate notes at Libor plus 205 bps, $24 million of class C senior secured deferrable floating-rate notes at Libor plus 310 bps and $16 million of class D senior secured deferrable floating-rate notes at Libor plus 622 bps.
Additionally, there are $41.25 million of subordinated notes.
Ballyrock Investment Advisors will manage the collateral through April 15, 2026, the end of the reinvestment period.
Most of the collateral consists of senior secured loans, cash and eligible investments. Most of the borrowers on the loans must be based in the United States.
J.P. Morgan Securities LLC is the placement agent.
The notes can be called starting April 28, 2023.
The investment management firm is based in Boston.
| Issuers: | Ballyrock CLO 15 Ltd./Ballyrock CLO 15 LLC
|
| Issue: | Floating-rate and subordinated notes
|
| Amount: | $409.25 million
|
| Maturity: | April 15, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Manager: | Ballyrock Investment Advisors LLC
|
| Call feature: | April 28, 2023
|
| Settlement date: | April 28
|
|
|
| Class A-1 notes
|
| Amount: | $256 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 106 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $48 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Rating: | S&P: AA
|
|
|
| Class B notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 205 bps
|
| Rating: | S&P: A
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 310 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class D notes
|
| Amount: | $16 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 622 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $41.25 million
|
| Securities: | Subordinated notes
|
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