By Cristal Cody
Tupelo, Miss., Aug. 3 – Redding Ridge Asset Management, LLC priced a $388.3 million new broadly syndicated collateralized loan obligation offering, according to market sources.
RR 11 Ltd./RR 11 LLC sold $240 million of class A-1 senior secured floating-rate notes (Aaa/AAA) at Libor plus 160 basis points, $48 million of class A-2 senior secured floating-rate notes (AA) at Libor plus 210 bps, $40 million of class B senior secured deferrable floating-rate notes (A) at Libor plus 280 bps, $20 million of class C senior secured deferrable floating-rate notes (BBB-) at Libor plus 400 bps, $14 million of class D secured deferrable floating-rate notes (BB-) at Libor plus 712 bps and $26.3 million of subordinated notes.
BNP Paribas Securities Corp. was the placement agent.
The notes are due Oct. 15, 2031.
The CLO has a one-year non-call period and a three-year reinvestment period.
The transaction is collateralized primarily by broadly syndicated first-lien senior secured loans.
Redding Ridge Asset Management has priced four new CLOs year to date.
The New York City-based asset management company was established in 2016 by Apollo Global Management, LLC.
| Issuer: | RR 11 Ltd./RR 11 LLC
|
| Amount: | $388.3 million
|
| Maturity: | Oct. 15, 2031
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BNP Paribas Securities Corp.
|
| Manager: | Redding Ridge Asset Management, LLC
|
| Call feature: | One year
|
| Pricing date: | July 30
|
| Settlement date: | Sept. 10
|
|
|
| Class A-1 notes
|
| Amount: | $240 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $48 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 210 bps
|
| Rating: | S&P: AA
|
|
|
| Class B notes
|
| Amount: | $40 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 280 bps
|
| Rating: | S&P: A
|
|
|
| Class C notes
|
| Amount: | $20 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 400 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class D notes
|
| Amount: | $14 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 712 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $26.3 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
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