By Cristal Cody
Tupelo, Miss., Oct. 20 – Ballyrock Investment Advisors LLC priced $397.3 million of notes due Oct. 20, 2031 in the manager’s second collateralized loan obligation deal year to date, according to market sources.
Ballyrock CLO 2020-2 Ltd./Ballyrock CLO 2020-2 LLC sold $240 million of class A-1 floating-rate notes at Libor plus 132 basis points, $64 million of class A-2 floating-rate notes at Libor plus 180 bps and $24 million of class B floating-rate notes at Libor plus 255 bps.
The CLO also priced $24 million of class C floating-rate notes at Libor plus 377 bps, $12 million of class D floating-rate notes at Libor plus 763 bps and $33.3 million of subordinated notes.
Barclays was the placement agent.
The CLO has a one-year non-call period and a three-year reinvestment period.
The transaction is collateralized primarily by broadly syndicated senior secured corporate loans.
Ballyrock Investment Advisors has priced two new CLOs year to date.
The investment management firm is based in Boston.
| Issuer: | Ballyrock CLO 2020-2 Ltd./Ballyrock CLO 2020-2 LLC
|
| Amount: | $397.3 million
|
| Maturity: | Oct. 20, 2031
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays
|
| Manager: | Ballyrock Investment Advisors LLC
|
| Call feature: | One year
|
| Pricing date: | Oct. 5
|
| Settlement date: | Oct. 26
|
|
|
| Class A-1 notes
|
| Amount: | $240 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 132 bps
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $64 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 180 bps
|
| Ratings: | S&P: AA
|
|
|
| Class B notes
|
| Amount: | $24 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 255 bps
|
| Ratings: | S&P: A
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 377 bps
|
| Ratings: | S&P: BBB-
|
|
|
| Class D notes
|
| Amount: | $12 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 763 bps
|
| Ratings: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $33.3 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
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