Chicago, Jan. 28 – Ballyrock Investment Advisors LLC priced $400.9 million of notes due Jan. 20, 2034 in the manager’s first CLO transaction of 2021, according to a market source.
Ballyrock CLO 14 Ltd./Ballyrock CLO 14 LLC sold $248 million of class A-1 floating-rate notes at Libor plus 137 basis points and $56 million of class A-2 floating-rate notes at Libor plus 170 bps.
The deferrable floating-rate notes include $24 million of class B notes at Libor plus 230 bps, $24 million of class C notes at Libor plus 360 bps, and $12 million of class notes at Libor plus 700 bps.
There is also $36.9 million of subordinates notes in the CLO.
Ballyrock Investment Advisors will manage the CLO.
Barclays is the placement agent.
The reinvestment period ends on Jan. 20, 2026.
The CLO has a non-call period end date of Jan. 20, 2023.
The transaction is collateralized primarily by broadly syndicated senior secured corporate loans.
The investment management firm is based in Boston.
| Issuer: | Ballyrock CLO 14 Ltd./Ballyrock CLO 14 LLC
|
| Amount: | $400.9 million
|
| Maturity: | Jan. 20, 2034
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays
|
| Manager: | Ballyrock Investment Advisors LLC
|
| Call feature: | Two years
|
| Settlement date: | Jan. 29
|
|
|
| Class A-1 notes
|
| Amount: | $248 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 137 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $56 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Rating: | S&P: AA
|
|
|
| Class B notes
|
| Amount: | $24 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 230 bps
|
| Rating: | S&P: A
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 360 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class D notes
|
| Amount: | $12 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 700 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $36.9 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
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