Redding Ridge to issue €288.2 million notes in new euro CLO

By Cristal Cody

Tupelo, Miss., April 27 – Redding Ridge Asset Management (UK) LLP plans to issue €288.2 million of notes due 2031 in a new euro-denominated broadly syndicated collateralized loan obligation transaction, according to market sources.

The Zinnia Finance DAC deal includes €174 million of class A-1 senior secured floating-rate notes (Aaa); €20 million of class A-2 senior secured floating-rate notes (Aa2); €23 million of class B senior secured deferrable floating-rate notes (non-rated); €17 million of class C senior secured deferrable floating-rate notes (non-rated); €15 million of class D senior secured deferrable floating-rate notes (non-rated) and €39.2 million of subordinated notes.

BNP Paribas Securities Corp. is the placement agent.

The CLO is collateralized primarily by broadly syndicated first-lien senior secured term loans and senior secured bonds.

The deal is expected to close May 14.

The London-based firm is part of Redding Ridge Asset Management, LLC, a New York City-based asset management company established in 2016 by Apollo Global Management, LLC.

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