Chicago, June 10 – Redding Ridge Asset Management, LLC sold a new $599.25 million broadly syndicated collateralized loan obligation that lists RR 16 Ltd./RR 16 LLC as co-issuers, according to a pre-sale report.
The CLO matures July 15, 2036.
In the CLO are $236 million of class A-1 senior secured floating-rate notes at Libor plus 111 basis points, $130 million of class A-1 senior secured floating-rate loans at Libor plus 111 bps and $78 million of class A-2 senior secured floating-rate notes at Libor plus 165 bps.
In the deferrable classes there are $48 million of class B senior secured deferrable floating-rate notes at Libor plus 195 bps, $36 million of class C senior secured deferrable floating-rate notes at Libor plus 300 bps and $22.5 million of class D senior secured deferrable floating-rate notes at Libor plus 625 bps.
There are also $48.75 million of subordinated notes.
Collateral for the CLO will be nearly all senior secured loans, cash and eligible investments with at least 90% of the borrowers based in the United States or Canada.
The collateral will be selected by Redding Ridge through the five-year reinvestment period that ends July 15, 2026.
The CLO can be called after June 10, 2023.
Credit Suisse Securities (USA) LLC is the initial purchaser.
Redding Ridge is a registered investment adviser specializing in leveraged loans and global CLO management. The company is based in New York.
| Issuers: | RR 16 Ltd./RR 16 LLC
|
| Issue: | Floating-rate notes, floating-rate loans and subordinated notes
|
| Amount: | $599.25 million
|
| Maturity: | July 15, 2036
|
| Structure: | Cash flow CLO
|
| Placement agent: | Credit Suisse Securities (USA) LLC
|
| Manager: | Redding Ridge Asset Management, LLC
|
| Call feature: | June 10, 2023
|
| Settlement date: | June 10
|
|
|
| Class A-1 notes
|
| Amount: | $236 million
|
| Securities: | Senior Secured floating-rate notes
|
| Coupon: | Libor plus 111 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1 loans
|
| Amount: | $130 million
|
| Securities: | Senior Secured floating-rate loans
|
| Coupon: | Libor plus 111 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $78 million
|
| Securities: | Senior Secured floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Rating: | S&P: AA
|
|
|
| Class B notes
|
| Amount: | $48 million
|
| Securities: | Senior Secured Deferrable floating-rate notes
|
| Coupon: | Libor plus 195 bps
|
| Rating: | S&P: A
|
|
|
| Class C notes
|
| Amount: | $36 million
|
| Securities: | Senior Secured Deferrable floating-rate notes
|
| Coupon: | Libor plus 300 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class D notes
|
| Amount: | $22.5 million
|
| Securities: | Senior Secured Deferrable floating-rate notes
|
| Coupon: | Libor plus 625 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $48.75 million
|
| Securities: | Subordinated notes
|
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