By Cristal Cody
Tupelo, Miss., June 14 – Redding Ridge Asset Management, LLC priced $597.2 million of notes due April 15, 2030 in a new broadly syndicated collateralized loan obligation transaction, according to a market source.
RR 6 Ltd./RR 6 LLC sold $2 million of class X floating-rate notes at Libor plus 60 basis points, $384 million of class A-1a floating-rate notes at Libor plus 125 bps, $30 million of class A-1b floating-rate notes at Libor plus 160 bps and $42 million of class A-2 deferrable floating-rate note sat Libor plus 192 bps.
The CLO also sold $39 million of class B deferrable floating-rate notes at Libor plus 250 bps, $33 million of class C deferrable floating-rate notes at Libor plus 345 bps, $24 million of class D deferrable floating-rate notes at Libor plus 675 bps and $43.2 million of subordinated notes.
The class A-1a notes priced at 99.875, while the class A-2 notes priced at 99.32. The remaining tranches priced at par.
Deutsche Bank Securities Inc. was the placement agent.
The notes are collateralized primarily by broadly syndicated first-lien senior secured loans.
Redding Ridge Asset Management has priced one new dollar-denominated CLO year to date.
The CLO manager priced two new CLOs in 2018.
The New York City-based asset management company was established in 2016 by Apollo Global Management, LLC.
Issuer: | RR 6 Ltd./RR 6 LLC
|
Amount: | $597.2 million
|
Maturity: | April 15, 2030
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Securities: | Floating-rate and subordinated notes
|
Structure: | Cash flow CLO
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Placement agent: | Deutsche Bank Securities Inc.
|
Manager: | Redding Ridge Asset Management, LLC
|
Pricing date: | May 17
|
Settlement date: | June 20
|
|
Class X notes
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Amount: | $2 million
|
Securities: | Floating-rate notes
|
Coupon: | Libor plus 60 bps
|
Price: | Par
|
Ratings: | S&P: AAA
|
| Fitch: AAA expected
|
|
Class A-1a notes
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Amount: | $384 million
|
Securities: | Floating-rate notes
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Coupon: | Libor plus 125 bps
|
Price: | 99.875
|
Ratings: | S&P: AAA
|
| Fitch: AAA expected
|
|
Class A-1b notes
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Amount: | $30 million
|
Securities: | Floating-rate notes
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Coupon: | Libor plus 160 bps
|
Price: | Par
|
Ratings: | S&P: Non-rated
|
| Fitch: AAA expected
|
|
Class A-2 notes
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Amount: | $42 million
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Securities: | Deferrable floating-rate notes
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Coupon: | Libor plus 192 bps
|
Price: | 99.32
|
Rating: | S&P: AA
|
|
Class B notes
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Amount: | $39 million
|
Securities: | Deferrable floating-rate notes
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Coupon: | Libor plus 250 bps
|
Price: | Par
|
Rating: | S&P: A
|
|
Class C notes
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Amount: | $33 million
|
Securities: | Deferrable floating-rate notes
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Coupon: | Libor plus 345 bps
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Price: | Par
|
Rating: | S&P: BBB-
|
|
Class D notes
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Amount: | $24 million
|
Securities: | Deferrable floating-rate notes
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Coupon: | Libor plus 675 bps
|
Price: | Par
|
Rating: | S&P: BB-
|
|
Equity
|
Amount: | $43.2 million
|
Securities: | Subordinated notes
|
Ratings: | Non-rated
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