Chicago, July 14 – Redding Ridge Asset Management LLC sold $404 million in a collateralized loan obligation being issued by RR 21 Ltd., according to a new issue report and a press release.
The notes will mature on July 16, 2035.
The CLO consists of $252 million of class A-1a senior secured floating-rate notes at SOFR plus 180 basis points, $8 million of class A-1b senior secured floating-rate notes at SOFR plus 200 bps, $38 million of class A-2 senior secured floating-rate notes at SOFR plus 250 bps, $13 million of class B-1 senior secured deferrable floating-rate notes at SOFR plus 325 bps, $11.5 million of class B-2a senior secured deferrable floating-rate notes at SOFR plus 315 bps, $1.5 million of class B-2b senior secured deferrable floating-rate notes at SOFR plus 402 bps, $26 million of class C senior secured deferrable floating-rate notes at SOFR plus 450 bps, $12 million of class D senior secured deferrable floating-rate notes at SOFR plus 765 bps, $2 million of class E senior secured deferrable floating-rate notes at SOFR plus 755 bps and $40 million of subordinated notes.
Redding Ridge Asset Management LLC will manage the collateral through the end of the reinvestment period in five years.
Collateral for the notes consists of first-lien senior secured leveraged loans.
Natixis Securities Americas LLC and Apollo Global Securities, LLC were the placement agents.
Redding Ridge is a registered investment adviser specializing in leveraged loans and global CLO management. The company is based in New York.
| Issuer: | RR 21 Ltd.
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $404 million
|
| Maturity: | July 16, 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | Natixis Securities Americas LLC and Apollo Global Securities, LLC
|
| Manager: | Redding Ridge Asset Management LLC
|
| Settlement date: | July 12
|
|
|
| Class A-1a notes
|
| Amount: | $252 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 180 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-1b notes
|
| Amount: | $8 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 200 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $38 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 250 bps
|
| Rating: | Fitch: AA
|
|
|
| Class B-1 notes
|
| Amount: | $13 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 325 bps
|
| Rating: | Fitch: A
|
|
|
| Class B-2a notes
|
| Amount: | $11.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 315 bps
|
| Rating: | Fitch: A+
|
|
|
| Class B-2b notes
|
| Amount: | $1.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 402 bps
|
| Rating: | Fitch: A
|
|
|
| Class C notes
|
| Amount: | $26 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 450 bps
|
| Rating: | Fitch: BBB-
|
|
|
| Class D notes
|
| Amount: | $12 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 765 bps
|
| Rating: | Fitch: BB
|
|
|
| Class E notes
|
| Amount: | $2 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 755 bps
|
| Rating: | Moody's: B3
|
|
|
| Subordinated notes
|
| Amount: | $40 million
|
| Securities: | Subordinated notes
|
|
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