By Cristal Cody
Tupelo, Miss., July 31 – Redding Ridge Asset Management (UK) LLP priced €398.1 million of notes due April 15, 2032 in the manager’s second euro-denominated broadly syndicated collateralized loan obligation transaction of the year, according to a market source.
RRE 4 Loan Management DAC sold €232 million of class A-1 senior secured floating-rate notes at Euribor plus 145 basis points, €30 million of class A-2-a senior secured floating-rate notes at Euribor plus 200 bps and €10 million of 2.5% class A-2-b senior secured fixed-rate notes.
Further down the stack, the CLO priced €45.6 million of class B senior secured deferrable floating-rate notes at Euribor plus 290 bps, €26 million of class C senior secured deferrable floating-rate notes at Euribor plus 425 bps, €14 million of class D senior secured deferrable floating-rate notes at Euribor plus 685 bps and €34.2 million of subordinated notes.
J.P. Morgan Securities plc was the placement agent.
The CLO has a non-call period ending Sept. 17, 2021. The reinvestment period ends Oct. 15, 2023.
The notes are collateralized primarily by broadly syndicated senior secured obligations.
Redding Ridge has priced two new euro-denominated CLOs year to date.
The London-based firm is part of Redding Ridge Asset Management, LLC, a New York City-based asset management company established in 2016 by Apollo Global Management, LLC.
| Issuer: | RRE 4 Loan Management DAC
|
| Amount: | €391.8 million
|
| Maturity: | April 15, 2032
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities plc
|
| Manager: | Redding Ridge Asset Management (UK) LLP
|
| Call feature: | Sept. 17, 2021
|
| Settlement date: | Aug. 27
|
|
|
| Class A-1 notes
|
| Amount: | €232 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 145 bps
|
| Ratings: | Moody’s: Aaa
|
| Kroll: AAA
|
|
|
| Class A-2-a notes
|
| Amount: | €30 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 200 bps
|
| Ratings: | Moody’s: Aa2
|
| Kroll: AA
|
|
|
| Class A-2-b notes
|
| Amount: | €10 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.5%
|
| Ratings: | Moody’s: Aa2
|
| Kroll: AA
|
|
|
| Class B notes
|
| Amount: | €45.6 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 290 bps
|
| Rating: | Kroll: A
|
|
|
| Class C notes
|
| Amount: | €26 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 425 bps
|
| Rating: | Kroll: BBB-
|
|
|
| Class D notes
|
| Amount: | €14 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 685 bps
|
| Rating: | Kroll: BB-
|
|
|
| Equity
|
| Amount: | €34.2 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
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