Chicago, Sept. 5 – Redding Ridge Asset Management (UK) LLP priced €499.35 million in a collateralized loan obligation being issued by RRE 16 Loan Management DAC, according to a presale report.
The CLO will mature on Oct. 15, 2036.
The CLO consists of €3 million of class X floating-rate notes at Euribor plus 75 basis points, €155 million of class A-1 floating-rate notes at Euribor plus 168 bps, €150 million of class A-1 floating-rate loans at Euribor plus 168 bps, €47.5 million of class A-2 floating-rate notes at Euribor plus 245 bps, €32.5 million of class B-1 floating-rate notes at Euribor plus 285 bps, €7.5 million of class B-2 floating-rate notes at Euribor plus 365 bps, €27.5 million of class C-1 floating-rate notes at Euribor plus 455 bps, €5 million of class C-2 floating-rate notes at Euribor plus 650 bps, €21.25 million of class D floating-rate notes at Euribor plus 720 bps, €250,000 of preferred returns notes, €1 million of performance notes and €48.85 million of subordinated notes.
Redding Ridge Asset Management (UK) LLP will manage the collateral through the end of the reinvestment period on April 15, 2028.
Collateral consists of syndicated senior secured leveraged loans and bonds.
The CLO can be called starting April 12, 2025.
BNP Paribas was the placement agent.
The London-based firm is part of Redding Ridge Asset Management, LLC, a New York City-based asset management company established in 2016 by Apollo Global Management, LLC.
| Issuer: | RRE 16 Loan Management DAC
|
| Issue: | Floating-rate notes, floating-rate loans, preferred returns notes, performance notes and subordinated notes
|
| Amount: | €499.35 million
|
| Maturity: | Oct. 15, 2036
|
| Structure: | Cash flow CLO
|
| Placement agent: | BNP Paribas
|
| Manager: | Redding Ridge Asset Management (UK) LLP
|
| Call feature: | April 12, 2025
|
| Pricing date: | Sept. 1
|
| Settlement date: | Oct. 12
|
|
|
| Class X notes
|
| Amount: | €3 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 75 bps
|
| Rating: | KBRA: AAA
|
|
|
| Class A-1 notes
|
| Amount: | €155 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 168 bps
|
| Rating: | KBRA: AAA
|
|
|
| Class A-1 loans
|
| Amount: | €150 million
|
| Securities: | Floating-rate loans
|
| Coupon: | Euribor plus 168 bps
|
| Rating: | KBRA: AAA
|
|
|
| Class A-2 notes
|
| Amount: | €47.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 245 bps
|
| Rating: | KBRA: AA
|
|
|
| Class B-1 notes
|
| Amount: | €32.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 285 bps
|
| Rating: | KBRA: A+
|
|
|
| Class B-2 notes
|
| Amount: | €7.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 365 bps
|
| Rating: | KBRA: A
|
|
|
| Class C-1 notes
|
| Amount: | €27.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 455 bps
|
| Rating: | KBRA: BBB
|
|
|
| Class C-2 notes
|
| Amount: | €5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 650 bps
|
| Rating: | KBRA: BBB-
|
|
|
| Class D notes
|
| Amount: | €21.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 720 bps
|
| Rating: | KBRA: BB-
|
|
|
| Preferred returns notes
|
| Amount: | €250,000
|
| Securities: | Preferred returns notes
|
|
|
| Performance notes
|
| Amount: | €1 million
|
| Securities: | Performance notes
|
|
|
| Subordinated notes
|
| Amount: | €48.85 million
|
| Securities: | Subordinated notes
|
|
|
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