Chicago, Oct. 25 – Redding Ridge Asset Management LLC sold $706.55 million in a collateralized loan obligation being issued by RR 17 Ltd./RR 17 LLC, according to a pre-sale report.
The notes will mature on July 15, 2034.
The CLO consists of $420 million of class A-1a senior secured floating-rate notes at Libor plus 112 basis points, $28 million of class A-1b senior secured floating-rate notes at Libor plus 140 bps, $70 million of class A-2 senior secured floating-rate notes at Libor plus 165 bps, $56 million of class B senior secured deferrable floating-rate notes at Libor plus 190 bps, $42 million of class C senior secured deferrable floating-rate notes at Libor plus 295 bps, $28 million of class D senior secured deferrable floating-rate notes at Libor plus 650 bps and $62.55 million of subordinated notes.
Redding Ridge Asset Management LLC will manage the collateral through the end of the reinvestment period on July 15, 2026.
The notes can be called starting June 24, 2023.
Natixis Securities Americas LLC and Apollo Global Securities, LLC were the placement agents.
Redding Ridge is a registered investment adviser specializing in leveraged loans and global CLO management. The company is based in New York.
| Issuer: | RR 17 Ltd./RR 17 LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $706.55 million
|
| Maturity: | July 15, 2034
|
| Structure: | Cash flow CLO
|
| Placement agents: | Natixis Securities Americas LLC and Apollo Global Securities, LLC
|
| Manager: | Redding Ridge Asset Management LLC
|
| Call feature: | June 24, 2023
|
| Settlement date: | June 24
|
|
|
| Class A-1a notes
|
| Amount: | $420 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 112 bps
|
| Ratings: | Moody's: Aaa
|
| KBRA: AAA
|
|
|
| Class A-1b notes
|
| Amount: | $28 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 140 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-2 notes
|
| Amount: | $70 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Rating: | Moody's: Aa2
|
|
|
| Class B notes
|
| Amount: | $56 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Rating: | KBRA: A
|
|
|
| Class C notes
|
| Amount: | $42 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 295 bps
|
| Rating: | KBRA: BBB-
|
|
|
| Class D notes
|
| Amount: | $28 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 650 bps
|
| Rating: | Moody's: Ba3
|
|
|
| Subordinated notes
|
| Amount: | $62.55 million
|
| Securities: | Subordinated notes
|
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