Chicago, March 6 – Irradiant Partners, LP refinanced and extended for $607 million the collateralized loan obligation that will be named Rad CLO 7 Ltd./Rad CLO 7 LLC, according to a presale report.
The notes will mature on April 17, 2036.
The CLO consists of $384 million of class A-1-R senior secured floating-rate notes at SOFR plus 135 basis points, $12 million of class A-2-R senior secured floating-rate notes at SOFR plus 170 bps, $50 million of class B-1-R senior secured floating-rate notes at SOFR plus 190 bps, $10 million of class B-2-R 5.86% senior secured fixed-rate notes, $36 million of class C-R senior secured deferrable floating-rate notes at SOFR plus 260 bps, $30 million of class D-1-R senior secured deferrable floating-rate notes at SOFR plus 415 bps, $8 million of class D-2-A-R senior secured deferrable floating-rate notes at SOFR plus 525 bps, $4 million of class D-2-B-R 9.15% senior secured deferrable fixed-rate notes, $9 million of class E-R senior secured deferrable floating-rate notes at SOFR plus 630 bps, $9 million of class F-R senior secured deferrable floating-rate notes at SOFR plus 713 bps and $55 million of subordinated notes.
Irradiant Partners LP will manage the collateral through the end of the reinvestment period on April 17, 2026.
Collateral for the notes consists of Feb. 27.
The notes can be called starting April 17, 2025.
The CLO was called Kayne CLO 7 Ltd./Kayne CLO 7 LLC when it was issued in April 2020.
The original CLO had $374 million of class A-1 floating-rate notes at Libor plus 120 bps, $10 million of 2.5% class A-2 fixed-rate notes, $62 million of class B-1 floating-rate notes at Libor plus 160 bps and $10 million of 2.94% class B-2 fixed-rate notes.
The CLO also included $36 million of class C deferrable floating-rate notes at Libor plus 200 bps, $27 million of class D deferrable floating-rate notes at Libor plus 295 bps, $30 million of class E deferrable floating-rate notes at Libor plus 650 bps and $55 million of subordinated notes.
Goldman Sachs & Co. LLC was the placement agent.
The alternative asset management firm is based in Los Angeles.
| Issuer: | Rad CLO 7 Ltd./Rad CLO 7 LLC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $607 million
|
| Maturity: | April 17, 2036
|
| Structure: | Cash flow CLO
|
| Placement agent: | Goldman Sachs & Co. LLC
|
| Manager: | Irradiant Partners LP
|
| Call feature: | April 17, 2025
|
| Pricing date: | Feb. 27
|
| Settlement date: | March 1
|
|
|
| Class A-1-R notes
|
| Amount: | $384 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 135 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2-R notes
|
| Amount: | $12 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 170 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-1-R notes
|
| Amount: | $50 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 190 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-2-R notes
|
| Amount: | $10 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 5.86%
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $36 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 260 bps
|
| Rating: | S&P: A
|
|
|
| Class D-1-R notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 415 bps
|
| Rating: | S&P: BBB
|
|
|
| Class D-2-A-R notes
|
| Amount: | $8 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 525 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class D-2-B-R notes
|
| Amount: | $4 million
|
| Securities: | Senior secured deferrable fixed-rate notes
|
| Coupon: | 9.15%
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R notes
|
| Amount: | $9 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 630 bps
|
| Rating: | S&P: BB-
|
|
|
| Class F-R notes
|
| Amount: | $9 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 713 bps
|
| Rating: | S&P: B-
|
|
|
| Subordinated notes
|
| Amount: | $55 million
|
| Securities: | Subordinated notes
|
|
|
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