Redding Ridge sells $376 million CLO; CBO/CDO/CLO paper gains across capital stack

By Cristal Cody

Tupelo, Miss., May 28 – Redding Ridge Asset Management, LLC priced a $376 million broadly syndicated CLO in its fourth deal of 2020.

Meanwhile, CBO/CDO/CLO prices improved as secondary trading ramped up across the capital stack on Wednesday, Trace data shows.

The session saw $679.77 million of high-grade issues traded at an average 95.50, up from $318.28 million of trading volume on Tuesday at an average 94.30.

Secondary market volume in non-high-grade CBO/CDO/CLO securities rose to $160.09 million on Wednesday from $92.55 million at the start of the holiday week on Tuesday.

Average prices for lower-rated paper climbed to 74.70 in the previous session from 69.30 on Tuesday.

Redding Ridge prices

Redding Ridge Asset Management priced $376 million of notes due July 15, 2033 in the new CLO offering, according to market sources.

RR 10 Ltd./RR 10 LLC sold $220 million of class A-1FL floating-rate notes at Libor plus 180 basis points at the top of the capital structure.

BNP Paribas Securities Corp. was the placement agent.

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

Redding Ridge Asset Management has issued four CLOs so far in 2020.

The New York City-based asset management company was established in 2016 by Apollo Global Management, LLC.

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