By Cristal Cody
Tupelo, Miss., April 28 – Redding Ridge Asset Management (UK) LLP priced €288.2 million of notes due 2031 in a new euro-denominated broadly syndicated collateralized loan obligation transaction, according to market sources.
Zinnia Finance DAC sold €174 million of class A-1 senior secured floating-rate notes (Aaa/AAA) at Euribor plus 225 basis points; €20 million of class A-2 senior secured floating-rate notes (Aa2/AA+) at Euribor plus 350 bps; €23 million of class B senior secured deferrable floating-rate notes (AA-) at Euribor plus 375 bps; €17 million of class C senior secured deferrable floating-rate notes (A-) at Euribor plus 425 bps; €15 million of class D senior secured deferrable floating-rate notes (BBB-) at Euribor plus 575 bps and €39.2 million of subordinated notes.
BNP Paribas Securities Corp. was the placement agent.
The CLO has a three-year reinvestment period and is collateralized primarily by broadly syndicated first-lien senior secured term loans and senior secured bonds.
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.
| Issuer: | Zinnia Finance DAC
|
| Amount: | €288.2 million
|
| Maturity: | 2031
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BNP Paribas Securities Corp.
|
| Manager: | Redding Ridge Asset Management (UK) LLP
|
| Reinvestment period: | Three years
|
| Settlement date: | May 14
|
|
|
| Class A-1 notes
|
| Amount: | €174 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 225 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | €20 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 350 bps
|
| Ratings: | Moody’s: Aa2
|
| S&P: AA+
|
|
|
| Class B notes
|
| Amount: | €23 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 375 bps
|
| Rating: | S&P: AA-
|
|
|
| Class C notes
|
| Amount: | €17 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 425 bps
|
| Rating: | S&P: A-
|
|
|
| Class D notes
|
| Amount: | €15 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 575 bps
|
| Rating: | S&P: BBB-
|
|
|
| Equity
|
| Amount: | €39.2 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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