Chicago, Jan. 25 – Redding Ridge Asset Management (UK) LLP priced €402 million of notes due April 26, 2035 in a euro-denominated broadly syndicated collateralized loan obligation transaction, according to a market source.
RRE 6 Loan Management DAC sold €240 million of class A-1 senior secured floating-rate notes at Euribor plus 87 basis points and €38 million of class A-2 senior secured floating-rate notes at Euribor plus 135 bps.
The CLO also priced €40 million of class B senior secured deferrable floating-rate notes at Euribor plus 230 bps, €26 million of class C senior secured deferrable floating-rate notes at Euribor plus 330 bps, €16 million of class D senior secured deferrable floating-rate notes at Euribor plus 625 bps and €42 million of subordinated notes.
Citigroup Global Markets Ltd. was the placement agent.
The CLO has a four-year reinvestment period.
The notes are collateralized primarily by broadly syndicated senior secured leveraged loans and bonds, with around 80% of the portfolio expected to be ramped at closing.
Redding Ridge has priced three 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 6 Loan Management DAC
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Amount: | €402 million
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Maturity: | April 26, 2035
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Securities: | Floating-rate and subordinated notes
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Structure: | Cash flow CLO
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Placement agent: | Citigroup Global Markets Ltd.
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Manager: | Redding Ridge Asset Management (UK) LLP
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Announcement date: | Jan. 25
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Settlement date: | March 4
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Class A-1 notes
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Amount: | €240 million
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Securities: | Senior secured floating-rate notes
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Coupon: | Euribor plus 87 bps
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Ratings: | Moody’s: Aaa
|
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Class A-2 notes
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Amount: | €38 million
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Securities: | Senior secured floating-rate notes
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Coupon: | Euribor plus 135 bps
|
|
Class B notes
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Amount: | €40 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | Euribor plus 230 bps
|
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Class C notes
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Amount: | €26 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | Euribor plus 330 bps
|
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Class D notes
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Amount: | €16 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | Euribor plus 625 bps
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|
Equity
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Amount: | €42 million
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Securities: | Subordinated notes
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Ratings: | Non-rated
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