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Redding Ridge Asset Management plans second CLO deal; euro CLO primary market active
By Cristal Cody
Tupelo, Miss., May 16 Redding Ridge Asset Management (UK) LLP plans to price 402.3 million of notes in the managers second euro-denominated broadly syndicated CLO of 2019.
About 10 billion of new issue European CLOs have priced year to date, according to market sources.
Euro CLO primary AAA spreads have ranged from around the Euribor plus 90 bps area to Euribor plus 115 bps area year to date, according to market sources.
Most recently, Och-Ziff Europe Loan Management Ltd. was in the primary market on May 9 with the 406.3 million OZLME VI DAC vehicle, which sold 248 million of class A senior secured floating-rate notes at Euribor plus 114 bps.
In its deal, Redding Ridge Asset Management (UK) is offering 402.3 million of notes due July 15, 2032 in the transaction, according to a market source.
The RRE 2 Loan Management DAC deal includes 228 million of class A-1 senior secured floating-rate notes (AAA); 8 million of class A-2 senior secured floating-rate notes (AAA); 46 million of class B senior secured floating-rate notes (AA); 26 million of class C senior secured deferrable floating-rate notes (A); 28.75 million of class D senior secured deferrable floating-rate notes (BBB-); 23.25 million of class E senior secured deferrable floating-rate notes (BB-) and 42.3 million of subordinated notes.
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