By Cristal Cody
Tupelo, Miss., Jan. 8 – Redding Ridge Asset Management, LLC priced $522 million of notes due Jan. 15, 2033 in a new broadly syndicated collateralized loan obligation transaction set to close in January, according to market sources.
RR 7 Ltd./RR 7 LLC sold $2 million of class X floating-rate notes at Libor plus 60 basis points, $320 million of class A-1a floating-rate notes at Libor plus 135 bps, $10 million of class A-1b floating-rate notes at Libor plus 165 bps and $50 million of class A-2 deferrable floating-rate note sat Libor plus 200 bps.
The CLO also sold $30 million of class B deferrable floating-rate notes at Libor plus 260 bps, $27.5 million of class C-1 deferrable floating-rate notes at Libor plus 375 bps, $6.25 million of class C-2 deferrable floating-rate notes at Libor plus 500 bps and $16.25 million of class D deferrable floating-rate notes at Libor plus 800 bps and $60 million of subordinated notes.
BofA Securities, Inc. was the placement agent.
The CLO has a two-year non-call period and a five-year reinvestment period.
The notes are collateralized primarily by broadly syndicated first-lien senior secured loans.
Redding Ridge Asset Management priced two new dollar-denominated CLOs in 2019, following two new deals in 2018.
The New York City-based asset management company was established in 2016 by Apollo Global Management, LLC.
| Issuer: | RR 7 Ltd./RR 7 LLC
|
| Amount: | $522 million
|
| Maturity: | Jan. 15, 2033
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Securities, Inc.
|
| Manager: | Redding Ridge Asset Management, LLC
|
| Call feature: | Two years
|
| Pricing date: | Dec. 17
|
| Settlement date: | Jan. 15
|
|
|
| Class X notes
|
| Amount: | $2 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 60 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1a notes
|
| Amount: | $320 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 135 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1b notes
|
| Amount: | $10 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Ratings: | S&P: Non-rated
|
|
|
| Class A-2 notes
|
| Amount: | $50 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Rating: | S&P: AA
|
|
|
| Class B notes
|
| Amount: | $30 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 260 bps
|
| Rating: | S&P: A
|
|
|
| Class C-1 notes
|
| Amount: | $27.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 375 bps
|
| Rating: | S&P: BBB
|
|
|
| Class C-2 notes
|
| Amount: | $6.25 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 500 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class D notes
|
| Amount: | $16.25 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 800 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $60 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
