Redding Ridge eyes Europe primary market with €401.4 million CLO; secondary market busy

By Cristal Cody

Tupelo, Miss., Feb. 21 – Redding Ridge Asset Management (UK) LLP plans to tap the European primary market with a debut €401.4 million CLO transaction.

The European CLO primary market is remaining active with several new issues priced in February and other offerings in the deal pipeline.

Elsewhere, securitized secondary trading volume has been heavy this week, according to market sources.

On Wednesday, $388.57 million of investment-grade CBO/CDO/CLO securities were traded, as well as $126.12 million of lower-rated issues, according to Trace data.

The average trading price on the high-grade securities was 98.5, while the average trading price on lower-rated issues was 95.3.

In its deal, Redding Ridge Asset Management (UK) is offering €401.4 million of notes due April 15, 2032 in a debut euro-denominated broadly syndicated collateralized loan obligation transaction, according to a market source.

The RRE 1 Loan Management DAC deal includes €224 million of class A-1 senior secured floating-rate notes (Aaa/AAA); €8 million of class A-2 senior secured floating-rate notes (Aaa/AAA); €40 million of class B senior secured floating-rate notes (Aa2/AA); €40 million of class C senior secured deferrable floating-rate notes (A2/A); €27 million of class D senior secured deferrable floating-rate notes (Baa3/BBB-); €20 million of class E senior secured deferrable floating-rate notes (Ba3/BB-) and €42.4 million of subordinated notes.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.