By Cristal Cody
Tupelo, Miss., Aug. 14 – RREEF America LLC priced $401.33 million of notes due July 24, 2030 in a broadly syndicated collateralized debt obligation transaction, according to a market source.
RIN II Ltd. sold $256 million of class A floating-rate notes at Libor plus 165 basis points, $41 million of class B floating-rate notes at Libor plus 200 bps, $21 million of class C deferrable floating-rate notes at Libor plus 280 bps, $28 million of class D deferrable floating-rate note sat Libor plus 425 bps, $7 million of class E deferrable floating-rate notes at Libor plus 766 bps and $48.33 million of preferred shares.
Barclays was the placement agent.
The CDO has a two-year non-call period and a four-year reinvestment period.
The issue is collateralized primarily by broadly syndicated first-lien senior secured project finance and corporate infrastructure loans.
Chicago-based RREEF America is a real estate investment management firm and subsidiary of DWS Group GmbH & Co. KGaA.
| Issuer: | RIN II Ltd.
|
| Amount: | $401.33 million
|
| Maturity: | July 24, 2030
|
| Securities: | Floating-rate notes and preferred shares
|
| Structure: | Cash flow CDO
|
| Placement agent: | Barclays
|
| Manager: | RREEF America LLC
|
| Call feature: | Two years
|
| Pricing date: | July 24
|
|
|
| Class A notes
|
| Amount: | $256 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Rating: | Moody’s: Aaa
|
|
|
| Class B notes
|
| Amount: | $41 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Rating: | Moody’s: Aa3
|
|
|
| Class C notes
|
| Amount: | $21 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 280 bps
|
| Rating: | Moody’s: A3
|
|
|
| Class D notes
|
| Amount: | $28 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 425 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E notes
|
| Amount: | $7 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 766 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Equity
|
| Amount: | $48.33 million
|
| Securities: | Preferred shares
|
| Ratings: | Non-rated
|
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