Chicago, Sept. 17 – Redding Ridge Asset Management LLC sold $755.8 million in a collateralized loan obligation being issued by RR 18 Ltd./RR 18 LLC, according to a pre-sale report.
The notes will mature on Oct. 15, 2036.
The CLO consists of $450 million of class A-1a senior secured floating-rate notes at Libor plus 114 basis points, $18.75 million of class A-1b senior secured floating-rate notes at Libor plus 135 bps, $93.75 million of class A2 senior secured floating-rate notes at Libor plus 160 bps, $52.5 million of class B senior secured deferrable floating-rate notes at Libor plus 200 bps, $45 million of class C senior secured deferrable floating-rate notes at Libor plus 290 bps, $30 million of class D senior secured deferrable floating-rate notes at Libor plus 625 bps and $65.8 million of subordinated notes.
Redding Ridge Asset Management LLC will manage the collateral through the end of the reinvestment period on Oct. 15, 2026.
The notes can be called starting Sept. 15, 2023.
Citigroup Global Markets Inc. was the placement agent.
Redding Ridge is a registered investment adviser specializing in leveraged loans and global CLO management. The company is based in New York.
| Issuer: | RR 18 Ltd./RR 18 LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $755.8 million
|
| Maturity: | Oct. 15, 2036
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | Redding Ridge Asset Management LLC
|
| Call feature: | Sept. 15, 2023
|
| Settlement date: | Sept. 15
|
|
|
| Class A-1a notes
|
| Amount: | $450 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 114 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1b notes
|
| Amount: | $18.75 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 135 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A2 notes
|
| Amount: | $93.75 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Rating: | S&P: AA
|
|
|
| Class B notes
|
| Amount: | $52.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Rating: | S&P: A
|
|
|
| Class C notes
|
| Amount: | $45 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 290 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class D notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 625 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $65.8 million
|
| Securities: | Subordinated notes
|
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