Chicago, Jan. 13 – Irradiant Partners LP sold $504 million in a collateralized loan obligation being issued by Rad CLO 14 Ltd./Rad CLO 14 LLC, according to a pre-sale report.
The notes will mature on Jan. 15, 2035.
The CLO consists of $320 million of class A senior secured floating-rate notes at Libor plus 117 basis points, $60 million of class B senior secured floating-rate notes at Libor plus 165 bps, $30 million of class C senior secured floating-rate notes at Libor plus 200 bps, $30 million of class D senior secured floating-rate notes at Libor plus 300 bps, $20 million of class E senior secured floating-rate notes at Libor plus 650 bps and $44 million of subordinated notes.
Irradiant Partners LP will manage the collateral through the end of the reinvestment period on Jan. 15, 2027.
Collateral consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting Jan. 15, 2024.
Goldman Sachs & Co. LLC was the placement agent.
Irradiant Partners is an alternative investment manager based in Santa Monica. The company was formed in 2021 through a spinoff from Kayne Anderson.
| Issuer: | Rad CLO 14 Ltd./Rad CLO 14 LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $504 million
|
| Maturity: | Jan. 15, 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | Goldman Sachs & Co. LLC
|
| Manager: | Irradiant Partners LP
|
| Call feature: | Jan. 15, 2024
|
| Settlement date: | Dec. 14
|
|
|
| Class A notes
|
| Amount: | $320 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 117 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class B notes
|
| Amount: | $60 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $30 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $30 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 300 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $20 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 650 bps
|
| Rating: | Moody's: Ba3
|
|
|
| Subordinated notes
|
| Amount: | $44 million
|
| Securities: | Subordinated notes
|
|
|
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