Chicago, Feb. 12 – Rockford Tower Capital Management LLC is refinancing and extending for $403.15 million the collateralized loan obligation issued by Rockford Tower CLO 2020-1 Ltd., according to a presale report.
The notes will now mature on Jan. 20, 2036.
The refinanced CLO consists of $1 million of class X senior secured floating-rate notes at SOFR plus 120 basis points, $240 million of class A-1-R senior secured floating-rate notes at SOFR plus 152 bps, $20 million of class A-2-R senior secured floating-rate notes at SOFR plus 180 bps, $44 million of class B-R senior secured floating-rate notes at SOFR plus 210 bps, $24 million of class C-R senior secured deferrable floating-rate notes at SOFR plus 270 bps, $24 million of class D-1-R senior secured deferrable floating-rate notes at SOFR plus 460 bps, $5 million of class D-2-R 10.5% senior secured deferrable fixed-rate notes, $10 million of class E-R senior secured deferrable floating-rate notes at SOFR plus 800 bps and $35.15 million of subordinated notes.
The original CLO, due Jan. 20, 2032, had $240 million of class A floating-rate notes at Libor plus 128 bps, $64 million of class B floating-rate notes at Libor plus 180 bps, $24 million of class C deferrable floating-rate notes at Libor plus 235, $24 million of class D deferrable floating-rate notes at Libor plus 375 bps, $14 million of class E deferrable floating-rate notes at Libor plus 690 bps and $35.15 million of subordinated notes.
Rockford Tower Capital Management LLC will manage the collateral through the end of the reinvestment period on Jan. 20, 2027.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting Jan. 20, 2025.
BofA Securities Inc. was the placement agent.
Rockford Tower Capital Management is a relying adviser of King Street and acts as a collateral manager for Rockford Tower CLOs.
| Issuer: | Rockford Tower CLO 2020-1 Ltd.
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $403.15 million
|
| Maturity: | Jan. 20, 2036
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Securities Inc.
|
| Manager: | Rockford Tower Capital Management LLC
|
| Call feature: | Jan. 20, 2025
|
| Settlement date: | Feb. 20
|
|
|
| Class X notes
|
| Amount: | $1 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 120 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1-R notes
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| Amount: | $240 million
|
| Securities: | Senior secured floating-rate notes
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| Coupon: | SOFR plus 152 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2-R notes
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| Amount: | $20 million
|
| Securities: | Senior secured floating-rate notes
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| Coupon: | SOFR plus 180 bps
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| Rating: | S&P: AAA
|
|
|
| Class B-R notes
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| Amount: | $44 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 210 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
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| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
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| Coupon: | SOFR plus 270 bps
|
| Rating: | S&P: A
|
|
|
| Class D-1-R notes
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| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 460 bps
|
| Rating: | S&P: BBB
|
|
|
| Class D-2-R notes
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| Amount: | $5 million
|
| Securities: | Senior secured deferrable fixed-rate notes
|
| Coupon: | 10.5%
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R notes
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| Amount: | $10 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 800 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
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| Amount: | $35.15 million
|
| Securities: | Subordinated notes
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