Chicago, Nov. 14 – Silver Rock Management LLC refinanced and extended for $351.295 million the collateralized loan obligation being issued by Silver Rock CLO I Ltd./Silver Rock CLO I LLC, according to a presale report.
The notes will mature on Oct. 20, 2033.
The refinanced CLO consists of $3.5 million of class X-R 6.6% senior secured fixed-rate notes, $224 million of class A-R senior secured floating-rate notes at SOFR plus 178 bps, $40.25 million of class B-R senior secured floating-rate notes at SOFR plus 290 bps, $12.95 million of class C-R-1 senior secured deferrable floating-rate notes at SOFR plus 385 bps, $9.8 million of class C-R-2 senior secured deferrable floating-rate notes at SOFR plus bps, $21 million of class D-R senior secured deferrable floating-rate notes at SOFR plus 575 bps, $9.695 million of class E-R senior secured deferrable floating-rate notes at SOFR plus 920 bps and $30.1 million of subordinated notes.
The CLO originally sold $210 million of class A floating-rate notes at Libor plus 165 bps, $56 million of class B floating-rate notes at Libor plus 230 bps, $19.25 million of class C deferrable floating-rate notes at Libor plus 285 bps, $21 million of class D deferrable floating-rate notes at Libor plus 450 bps, $11.2 million of class E deferrable floating-rate notes at Libor plus 851 bps and $30.1 million of subordinated notes.
Silver Rock Management LLC will manage the collateral through the end of the reinvestment period on Oct. 20, 2025.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting Oct. 20, 2024.
Citigroup Global Markets Inc. was the placement agent.
Silver Rock Management is a subsidiary of Los Angeles-based Silver Rock Financial LP.
| Issuer: | Silver Rock CLO I Ltd./Silver Rock CLO I LLC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $351.295 million
|
| Maturity: | Oct. 20, 2033
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | Silver Rock Management LLC
|
| Call feature: | Oct. 20, 2024
|
| Pricing date: | Nov. 9
|
| Settlement date: | Nov. 15
|
|
|
| Class X-R notes
|
| Amount: | $3.5 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 6.6%
|
| Rating: | S&P: AAA
|
|
|
| Class A-R notes
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| Amount: | $224 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 178 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-R notes
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| Amount: | $40.25 million
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| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 290 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R-1 notes
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| Amount: | $12.95 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 385 bps
|
| Rating: | S&P: A+
|
|
|
| Class C-R-2 notes
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| Amount: | $9.8 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
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| Amount: | $21 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 575 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R notes
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| Amount: | $9.695 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 920 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
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| Amount: | $30.1 million
|
| Securities: | Subordinated notes
|
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