Chicago, March 11 – Invesco RR Fund LP, a majority owned affiliate of Invesco Senior Secured Management, Inc., announced a second refinancing for $615.63 million of notes now due Jan. 18, 2034 with Riserva CLO Ltd./Riserva CLO LLC listed as issuer, according to a pre-sale report.
The second refinancing consists of $2.5 million of class X-RR senior floating-rate notes at Libor plus 80 basis points, $379.25 million of class A-RR senior floating-rate notes at Libor plus 106 bps and $71.25 million of class B-RR senior floating-rate notes at Libor plus 135 bps.
In the lower-tiered notes there are $35.5 million of class C-RR senior deferrable floating-rate notes at Libor plus 180 bps, $36 million of class D-RR senior deferrable floating-rate notes at Libor plus 325 bps, $22.25 million of class E-RR senior deferrable floating-rate notes at Libor plus 650 bps, $6.88 million of class F-RR senior deferrable floating-rate notes at Libor plus 851 bps and $62 million of subordinated notes.
In the first refinancing, Riserva CLO Ltd. priced $384 million of class A-R floating-rate notes at Libor plus 114 bps; $51 million of class B-R floating-rate notes at Libor plus 170 bps; $28.5 million of class C-R floating-rate notes at Libor plus 235 bps; $33 million of class D-R floating-rate notes at Libor plus 345 bps and $27 million of class E-R floating-rate notes at Libor plus 635 bps.
In the original $614 million transaction issued Dec. 21, 2016, the CLO sold $384 million of class A floating-rate notes at Libor plus 146 bps; $51 million of class B-1 floating-rate notes at Libor plus 190 bps; $21 million of 3.99% class B-2 fixed-rate notes; $28.5 million of class C-1 floating-rate notes at Libor plus 290 bps; $7.5 million of 5.05% class C-2 fixed-rate notes; $33 million of class D floating-rate notes at Libor plus 390 bps; $27 million of class E floating-rate notes at Libor plus 675 bps and $62 million of subordinated notes.
Invesco RR Fund will continue to manage the CLO. The reinvestment period ends Jan. 18, 2026.
Collateral for the notes is primarily from senior secured loans, cash and eligible investments.
The notes cannot be called until Jan. 18, 2023.
Goldman Sachs & Co. LLC is working as the placement agent.
Invesco is a subsidiary of Atlanta-based Invesco, Ltd.
| Issuer: | Riserva CLO Ltd./Riserva CLO LLC
|
| Issue: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Amount: | $615.63 million
|
| Maturity: | Jan. 18, 2034
|
| Placement agent: | Goldman Sachs & Co. LLC
|
| Manager: | Invesco RR Fund LP
|
| Call: | Jan. 18, 2023
|
| Pricing date: | March 11
|
| Settlement date: | March 18
|
|
|
| Class X-RR notes
|
| Amount: | $2.5 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 80 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-RR notes
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| Amount: | $379.25 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 106 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-RR notes
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| Amount: | $71.25 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 135 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-RR notes
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| Amount: | $35.5 million
|
| Securities: | Senior deferrable floating-rate notes
|
| Coupon: | Libor plus 180 bps
|
| Rating: | S&P: A
|
|
|
| Class D-RR notes
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| Amount: | $36 million
|
| Securities: | Senior deferrable floating-rate notes
|
| Coupon: | Libor plus 325 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-RR notes
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| Amount: | $22.25 million
|
| Securities: | Senior deferrable floating-rate notes
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| Coupon: | Libor plus 650 bps
|
| Rating: | S&P: BB-
|
|
|
| Class F-RR notes
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| Amount: | $6.88 million
|
| Securities: | Senior deferrable floating-rate notes
|
| Coupon: | Libor plus 851 bps
|
| Rating: | S&P: B-
|
|
|
| Subordinated notes
|
| Amount: | $62 million
|
| Securities: | Subordinated notes
|
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