Chicago, April 12 – Redding Ridge Asset Management, LLC announced the refinancing and extension of the collateralized loan obligation issued by RR 2 Ltd./RR 2 LM LLC.
The maturity date has been moved to April 15, 2036. Prospect News reported the maturity date as Oct. 15, 2029 on the original transaction.
The refinancing loans and notes are the following: $512 million of class A-1L floating-rate loans at Libor plus 106 basis points, $0 million of class A-1L senior secured floating-rate notes at Libor plus 106 bps, $0 million of class A-1R senior secured floating-rate notes at Libor plus 106 bps, $88 million of class A-2L floating-rate loans at Libor plus 140 bps, $0 million of class A-2L senior secured floating-rate notes at Libor plus 140 bps and $0 million of class A-2R senior secured floating-rate notes at Libor plus 140 bps,
Lower, there are $56 million of class B-R senior secured deferrable floating-rate notes at Libor plus 180 bps, $48 million of class C-R senior secured deferrable floating-rate notes at Libor plus 280 bps, $30 million of class D-R senior secured deferrable floating-rate notes at Libor plus 580 bps,
There are also $86.26 million of subordinated notes.
The work-out loans can be converted into the related notes, up to the maximum amount issued as a loan.
The work-out loans are new to the structure.
BofA Securities Inc. is the initial purchaser.
Redding Ridge will still be the manager of the collateral through the reinvestment period end date on April 15, 2026.
The notes can be called starting April 12, 2023.
The refinancing related to the October 2017 transaction.
New York City-based Redding Ridge is an asset management company that was established in 2016 by Apollo Global Management, LLC.
| Issuers: | RR 2 Ltd./RR 2 LM LLC
|
| Issue: | Loans, floating-rate notes and subordinated notes
|
| Structure: | Cash flow CLO
|
| Amount: | $820.26 million
|
| Maturity: | April 15, 2036
|
| Agent: | BofA Securities Inc.
|
| Manager: | Redding Ridge Asset Management, LLC
|
| Call: | April 12, 2023
|
| Pricing date: | April 2
|
| Settlement date: | April 12
|
|
|
| Class A-1L loans
|
| Amount: | $512 million
|
| Securities: | Loans
|
| Coupon: | Libor plus 106 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1L notes
|
| Amount: | $0 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 106 bps
|
| Rating: | S&P: AA
|
|
|
| Class A-1R notes
|
| Amount: | $0 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 106 bps
|
| Rating: | S&P: AA
|
|
|
| Class A-2L loans
|
| Amount: | $88 million
|
| Securities: | Loans
|
| Coupon: | Libor plus 140 bps
|
| Rating: | S&P: A
|
|
|
| Class A-2L notes
|
| Amount: | $0 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 140 bps
|
| Rating: | S&P: A
|
|
|
| Class A-2R notes
|
| Amount: | $0 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 140 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class B-R notes
|
| Amount: | $56 million
|
| Securities: | Senior secured Deferrable floating-rate notes
|
| Coupon: | Libor plus 180 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class C-R notes
|
| Amount: | $48 million
|
| Securities: | Senior secured Deferrable floating-rate notes
|
| Coupon: | Libor plus 280 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class D-R notes
|
| Amount: | $30 million
|
| Securities: | Senior secured Deferrable floating-rate notes
|
| Coupon: | Libor plus 580 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $86.26 million
|
| Securities: | Subordinated notes
|
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