Chicago, March 17 – Redding Ridge Asset Management, LLC priced $657.5 million in a new broadly syndicated collateralized loan obligation due April 15, 2036, according to a pre-sale report.
RR 14 Ltd./RR 14 LLC sold $409.5 million of class A-1 senior secured floating-rate notes at Libor plus 112 basis points and $78 million of class A-2 senior secured floating-rate notes at Libor plus 150 bps.
In the deferrable note categories, there are $45.5 million of class B senior secured deferrable floating-rate notes at Libor plus 190 bps, $39 million of class C 2.37% senior secured deferrable fixed-rate notes and $24.3 million of class D senior secured deferrable floating-rate notes at Libor plus 615 bps.
There are also $61.2 million of subordinated notes.
Redding Ridge Asset Management will manage collateral for the notes until the end of the reinvestment period on April 15, 2026. Collateral, at least 95% of it, must be senior secured loans, senior secured bonds, senior secured notes, cash and eligible investments.
The notes can be called starting March 24, 2023.
Citigroup Global Markets Inc. is the initial purchaser.
Redding Ridge is a registered investment adviser specializing in leveraged loans and global CLO management. The company is based in New York.
| Issuers: | RR 14 Ltd./RR 14 LLC
|
| Issue: | Floating-rate, fixed-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Amount: | $657.5 million
|
| Maturity: | April 15, 2036
|
| Agent: | Citigroup Global Markets Inc.
|
| Manager: | Redding Ridge Asset Management LLC
|
| Call: | March 24, 2023
|
| Pricing date: | March 16
|
| Settlement date: | March 24
|
|
|
| Class A-1 notes
|
| Amount: | $409.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 112 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $78 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 150 bps
|
| Rating: | S&P: AA
|
|
|
| Class B notes
|
| Amount: | $45.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Rating: | S&P: A
|
|
|
| Class C notes
|
| Amount: | $39 million
|
| Securities: | Senior secured deferrable fixed-rate notes
|
| Coupon: | 2.37%
|
| Rating: | S&P: BBB-
|
|
|
| Class D notes
|
| Amount: | $24.3 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 615 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $61.2 million
|
| Securities: | Subordinated notes
|
|
|
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