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Redding Ridge Asset Management plans second CLO deal; euro CLO primary market active
By Cristal Cody
Tupelo, Miss., May 16 Redding Ridge Asset Management (UK) LLP plans to price 402.3 million of notes in the managers second euro-denominated broadly syndicated CLO of 2019.
Redding Ridge closed April 15 on its 451.83 million RRE 1 Loan Management DAC transaction. In that offering, the CLO manager priced the 252 million of class A-1 senior secured floating-rate notes at Euribor plus 109 basis points.
About 10 billion of new issue European CLOs have priced year to date, according to market sources.
Euro CLO primary AAA spreads have ranged from around the Euribor plus 90 bps area to Euribor plus 115 bps area year to date, according to market sources.
Most recently, Och-Ziff Europe Loan Management Ltd. was in the primary market on May 9 with the 406.3 million OZLME VI DAC vehicle, which sold 248 million of class A senior secured floating-rate notes at Euribor plus 114 bps.
Redding Ridge on tap
Redding Ridge Asset Management (UK) is offering 402.3 million of notes due July 15, 2032 in the transaction, according to a market source.
The RRE 2 Loan Management DAC deal includes 228 million of class A-1 senior secured floating-rate notes (AAA); 8 million of class A-2 senior secured floating-rate notes (AAA); 46 million of class B senior secured floating-rate notes (AA); 26 million of class C senior secured deferrable floating-rate notes (A); 28.75 million of class D senior secured deferrable floating-rate notes (BBB-); 23.25 million of class E senior secured deferrable floating-rate notes (BB-) and 42.3 million of subordinated notes.
Citigroup Global Markets Ltd. is the placement agent.
The notes are collateralized primarily by broadly syndicated first-lien senior secured term loans and senior secured bonds.
The transaction is expected to close June 26.
The London-based CLO manager is part of Redding Ridge Asset Management, LLC, which priced two new dollar-denominated CLOs in 2018.
The New York City-based asset management company was established in 2016 by Apollo Global Management, LLC.
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