Chicago, Oct. 14 – Irradiant Partners, LP priced $488.1 million in a collateralized loan obligation being issued by Rad CLO 17, Ltd./Rad CLO 17, LLC, according to a presale report and multiple press releases.
The notes will mature on October 2035.
The CLO consists of $310 million of class A senior secured floating-rate notes at SOFR plus 220 basis points, $31.25 million of class B-1 senior secured floating-rate notes at SOFR plus 285 bps, $25 million of class B-2 6.07% senior secured fixed-rate notes, $28.75 million of class C mezzanine secured deferrable floating-rate notes at SOFR plus 385 bps, $32.5 million of class D mezzanine secured deferrable floating-rate notes at SOFR plus 500 bps, $17.5 million of class E junior secured deferrable floating-rate notes at SOFR plus 830 bps and $43.1 million of subordinated notes.
Irradiant Partners, LP will manage the collateral through the end of the reinvestment period in October 2027.
Collateral for the notes consists of non-investment-grade broadly syndicated loans and other assets.
The notes can be called starting October 2024.
GreensLedge Capital Markets 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 17, Ltd./Rad CLO 17, LLC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $488.1 million
|
| Maturity: | October 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | GreensLedge Capital Markets LLC
|
| Manager: | Irradiant Partners, LP
|
| Call feature: | October 2024
|
| Settlement date: | Oct. 20
|
|
|
| Class A notes
|
| Amount: | $310 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 220 bps
|
| Rating: | Moody’s: Aaa
|
|
|
| Class B-1 notes
|
| Amount: | $31.25 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 285 bps
|
| Rating: | Fitch: AA
|
|
|
| Class B-2 notes
|
| Amount: | $25 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 6.07%
|
| Rating: | Fitch: AA
|
|
|
| Class C notes
|
| Amount: | $28.75 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 385 bps
|
| Rating: | Fitch: A
|
|
|
| Class D notes
|
| Amount: | $32.5 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 500 bps
|
| Rating: | Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | $17.5 million
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 830 bps
|
| Rating: | Fitch: BB-
|
|
|
| Subordinated notes
|
| Amount: | $43.1 million
|
| Securities: | Subordinated notes
|
|
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