By Cristal Cody
Tupelo, Miss., April 22 – Redding Ridge Asset Management, LLC priced $306.9 million of notes due April 15, 2031 in a new broadly syndicated collateralized loan obligation offering in April, according to market sources.
SCFF 1 Ltd. sold $195 million of class A-1 floating-rate notes at Libor plus 250 basis points, $19.5 million of class A-2a floating-rate notes at Libor plus 325 bps and $27.5 million of class A-2b deferrable floating-rate notes at Libor plus 400 bps.
The CLO also priced $16.2 million of class B deferrable floating-rate notes at Libor plus 475 bps, $12.2 million of class C deferrable floating-rate notes at Libor plus 475 bps and $36.4 million of subordinated notes.
Natixis Securities Americas LLC was the placement agent.
Redding Ridge Asset Management will manage the CLO, which has a one-year non-call period and a one-year reinvestment period.
The CLO is collateralized primarily by broadly syndicated first-lien senior secured loans.
Redding Ridge Asset Management has priced three new CLOs year to date.
The New York City-based asset management company was established in 2016 by Apollo Global Management, LLC.
| Issuer: | SCFF 1 Ltd.
|
| Amount: | $306.9 million
|
| Maturity: | April 15, 2031
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Natixis Securities Americas LLC
|
| Manager: | Redding Ridge Asset Management, LLC
|
| Call feature: | One year
|
| Pricing date: | April 17
|
| Settlement date: | April 28
|
|
|
| Class A-1 notes
|
| Amount: | $195 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 250 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2a notes
|
| Amount: | $19.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 325 bps
|
| Rating: | S&P: AA+
|
|
|
| Class A-2b notes
|
| Amount: | $27.6 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 400 bps
|
| Rating: | S&P: AA-
|
|
|
| Class B notes
|
| Amount: | $16.2 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 475 bps
|
| Rating: | S&P: A-
|
|
|
| Class C notes
|
| Amount: | $12.2 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 475 bps
|
| Rating: | S&P: BBB
|
|
|
| Equity
|
| Amount: | $36.4 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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