Chicago, Oct. 11 – Redding Ridge Asset Management LLC priced $399.45 million of notes in a collateralized loan obligation being issued by RR 27 Ltd., according to a presale report and a press release.
The notes will mature on Oct. 15, 2035.
The CLO consists of $246 million of class A-1a senior secured floating-rate notes at SOFR plus 165 basis points, $10 million of class A-1b senior secured floating-rate notes at SOFR plus 195 bps, $46 million of class A-2 senior secured floating-rate notes at SOFR plus 245 bps, $20.4 million of class B-1 senior secured deferrable floating-rate notes at SOFR plus 265 bps, $3.4 million of class B-2 senior secured deferrable floating-rate notes at SOFR plus 335 bps, $19 million of class C-1 senior secured deferrable floating-rate notes at SOFR plus 375 bps, $6.6 million of class C-2 senior secured deferrable floating-rate notes at SOFR plus 570 bps, $13.8 million of class D secured deferrable floating-rate notes at SOFR plus 750 bps, $400,000 of class E secured deferrable floating-rate notes at SOFR plus 750 bps and $33.85 million of subordinated notes.
Redding Ridge Asset Management LLC will manage the collateral through the end of the reinvestment period in October 2028.
Collateral for the notes consists of non-investment-grade broadly syndicated loans and other assets.
The notes can be called starting in October 2025.
Apollo Global Securities, LLC and RBC Capital Markets, LLC were 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 27 Ltd.
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $399.45 million
|
| Maturity: | Oct. 15, 2035
|
| Structure: | Cash flow CLO
|
| Placement agents: | Apollo Global Securities, LLC and RBC Capital Markets, LLC
|
| Manager: | Redding Ridge Asset Management LLC
|
| Call feature: | October 2025
|
| Pricing date: | Oct. 5
|
| Settlement date: | Nov. 16
|
|
|
| Class A-1a notes
|
| Amount: | $246 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 165 bps
|
| Rating: | Moody's: Aaa
|
| Fitch: AAA
|
|
|
| Class A-1b notes
|
| Amount: | $10 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 195 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $46 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 245 bps
|
| Rating: | Fitch: AA
|
|
|
| Class B-1 notes
|
| Amount: | $20.4 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 265 bps
|
| Rating: | Fitch: A+
|
|
|
| Class B-2 notes
|
| Amount: | $3.4 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 335 bps
|
| Rating: | Fitch: A
|
|
|
| Class C-1 notes
|
| Amount: | $19 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 375 bps
|
| Rating: | Fitch: BBB
|
|
|
| Class C-2 notes
|
| Amount: | $6.6 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 570 bps
|
| Rating: | Fitch: BBB-
|
|
|
| Class D notes
|
| Amount: | $13.8 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 750 bps
|
| Rating: | Fitch: BB
|
|
|
| Class E notes
|
| Amount: | $400,000
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 750 bps
|
| Rating: | Moody's: B3
|
|
|
| Subordinated notes
|
| Amount: | $33.85 million
|
| Securities: | Subordinated notes
|
|
|
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