Chicago, March 14 – Redding Ridge Asset Management LLC sold $501.25 million in a collateralized loan obligation being issued by RR 26 Ltd./RR 26 LLC, according to a presale report.
The notes will mature on April 15, 2038.
The CLO consists of $310 million of class A-1 senior secured floating-rate notes at SOFR plus 178 basis points, $60.75 million of class A-2 senior secured floating-rate notes at SOFR plus 225 bps, $29.75 million of class B-1 senior secured deferrable floating-rate notes at SOFR plus 290 bps, $5 million of class B-2 senior secured deferrable floating-rate notes at SOFR plus 360 bps, $23 million of class C-1 senior secured deferrable floating-rate notes at SOFR plus 450 bps, $6.25 million of class C-2 senior secured deferrable floating-rate notes at SOFR plus 685 bps, $16.5 million of class D senior secured deferrable floating-rate notes at SOFR plus 825 bps and $50 million of subordinated notes.
Redding Ridge Asset Management LLC will manage the collateral through the end of the reinvestment period on April 15, 2028.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting March 17, 2025.
Citigroup Global Markets Inc. and Apollo Global Securities Inc. are 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 26 Ltd./RR 26 LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $501.25 million
|
| Maturity: | April 15, 2038
|
| Structure: | Cash flow CLO
|
| Placement agents: | Citigroup Global Markets Inc. and Apollo Global Securities Inc.
|
| Manager: | Redding Ridge Asset Management LLC
|
| Call feature: | March 17, 2025
|
| Settlement date: | March 17
|
|
|
| Class A-1 notes
|
| Amount: | $310 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 178 bps
|
|
|
| Class A-2 notes
|
| Amount: | $60.75 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 225 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-1 notes
|
| Amount: | $29.75 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 290 bps
|
| Rating: | S&P: A+
|
|
|
| Class B-2 notes
|
| Amount: | $5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 360 bps
|
| Rating: | S&P: A
|
|
|
| Class C-1 notes
|
| Amount: | $23 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 450 bps
|
| Rating: | S&P: BBB
|
|
|
| Class C-2 notes
|
| Amount: | $6.25 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 685 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class D notes
|
| Amount: | $16.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 825 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $50 million
|
| Securities: | Subordinated notes
|
|
|
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