Chicago, Jan. 12 – Silver Rock Management LLC sold $423.6 million in a collateralized loan obligation being issued by Silver Rock CLO II Ltd./Silver Rock CLO II LLC, according to a pre-sale report.
The notes will mature on Jan. 20, 2035.
The CLO consists of $1.6 million of class X senior secured floating-rate notes at Libor plus 105 basis points, $254 million of class A senior secured floating-rate notes at Libor plus 119 bps, $36 million of class B-1 senior secured floating-rate notes at Libor plus 190 bps, $14 million of class B-2 3.25% senior secured fixed-rate notes, $24 million of class C senior secured deferrable floating-rate notes at Libor plus 240 bps, $44 million of class D 2.25% senior secured deferrable fixed-rate notes, $17 million of class E 5% senior secured deferrable fixed-rate notes and $33 million of subordinated notes.
Silver Rock Management LLC will manage the collateral through the end of the reinvestment period on Jan. 20, 2027.
Collateral will come from a pool of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting Oct. 20, 2023.
J.P. Morgan Securities LLC was the placement agent.
Silver Rock Management is a subsidiary of Los Angeles-based Silver Rock Financial LP.
| Issuer: | Silver Rock CLO II Ltd./Silver Rock CLO II LLC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $423.6 million
|
| Maturity: | Jan. 20, 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Manager: | Silver Rock Management LLC
|
| Call feature: | Oct. 20, 2023
|
| Settlement date: | Dec. 16
|
|
|
| Class X notes
|
| Amount: | $1.6 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 105 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A notes
|
| Amount: | $254 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 119 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $36 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-2 notes
|
| Amount: | $14 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 3.25%
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 240 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $44 million
|
| Securities: | Senior secured deferrable fixed-rate notes
|
| Coupon: | 2.25%
|
| Rating: | S&P: NR
|
|
|
| Class E notes
|
| Amount: | $17 million
|
| Securities: | Senior secured deferrable fixed-rate notes
|
| Coupon: | 5%
|
| Rating: | S&P: NR
|
|
|
| Subordinated notes
|
| Amount: | $33 million
|
| Securities: | Subordinated notes
|
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