Chicago, Feb. 20 – Ballyrock Investment Advisors LLC priced a second refinancing for $463.65 million for the collateralized loan obligation issued by Ballyrock CLO 2019-2 Ltd./Ballyrock CLO 2019-2 LLC, according to a presale report.
The notes will now mature on Feb. 20, 2036.
The second refinanced CLO consists of $4.5 million of class X senior secured floating-rate notes at SOFR plus 100 basis points, $288 million of class A-1-RR senior secured floating-rate notes at SOFR plus 140 bps, $54 million of class A-2-RR senior secured floating-rate notes at SOFR plus 200 bps, $27 million of class B-RR senior secured deferrable floating-rate notes at SOFR plus 230 bps, $27 million of class C-RR senior secured deferrable floating-rate notes at SOFR plus 355 bps, $16 million of class D-1-RR senior secured deferrable floating-rate notes at SOFR plus 625 bps, $2 million of class D-2-RR 10.06% senior secured deferrable fixed-rate notes and $45.15 million of subordinated notes.
At the last refinancing, the CLO included $240 million of class A-1a-R senior secured floating-rate notes at Libor plus 100 bps, $20 million of class A-1b-R senior secured floating-rate notes at Libor plus 120 bps, $44 million of class A-2-R senior secured deferrable floating-rate notes at Libor plus 140 bps, $24 million of class B-R senior secured deferrable floating-rate notes at Libor plus 190 bps, $22 million of class C-R senior secured deferrable floating-rate notes at Libor plus 315 bps and $18 million of class D-R secured deferrable floating-rate notes at Libor plus 650 bps.
Ballyrock Investment Advisors LLC will manage the collateral through the end of the reinvestment period on Feb. 20, 2027.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting Feb. 20, 2025.
BofA Securities Inc. was the placement agent.
The investment management firm is based in Boston.
| Issuer: | Ballyrock CLO 2019-2 Ltd./Ballyrock CLO 2019-2 LLC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $463.65 million
|
| Maturity: | Feb. 20, 2036
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Securities Inc.
|
| Manager: | Ballyrock Investment Advisors LLC
|
| Call feature: | Feb. 20, 2025
|
| Pricing date: | Feb. 15
|
| Settlement date: | Feb. 20
|
|
|
| Class X notes
|
| Amount: | $4.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 100 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1-RR notes
|
| Amount: | $288 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 140 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2-RR notes
|
| Amount: | $54 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 200 bps
|
| Rating: | S&P: AA+
|
|
|
| Class B-RR notes
|
| Amount: | $27 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 230 bps
|
| Rating: | S&P: A+
|
|
|
| Class C-RR notes
|
| Amount: | $27 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 355 bps
|
| Rating: | S&P: BBB
|
|
|
| Class D-1-RR notes
|
| Amount: | $16 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 625 bps
|
| Rating: | S&P: BB-
|
|
|
| Class D-2-RR notes
|
| Amount: | $2 million
|
| Securities: | Senior secured deferrable fixed-rate notes
|
| Coupon: | 10.06%
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $45.15 million
|
| Securities: | Subordinated notes
|
|
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