Chicago, April 24 – Rockford Tower Capital Management LLC sold $402.9 million in a collateralized loan obligation being issued by Rockford Tower CLO 2024-1 Ltd./Rockford Tower CLO 2024-1 LLC, according to a presale report.
The notes will mature on April 20, 2037.
The CLO consists of $240 million of class A-1 senior secured floating-rate notes at SOFR plus 161 basis points, $18 million of class A-2 senior secured floating-rate notes at SOFR plus 190 bps, $46 million of class B senior secured floating-rate notes at SOFR plus 217.5 bps, $24 million of class C senior secured deferrable floating-rate notes at SOFR plus 270 bps, $18 million of class D-1 senior secured deferrable floating-rate notes at SOFR plus 385 bps, $6 million of class D-2 senior secured deferrable floating-rate notes at SOFR plus 553 bps, $14 million of class E senior secured deferrable floating-rate notes at SOFR plus 748 bps and $36.9 million of subordinated notes.
Rockford Tower Capital Management LLC will manage the collateral through the end of the reinvestment period on April 20, 2029.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting April 20, 2026.
BofA Securities Inc. was the placement agent.
Rockford Tower Capital Management is a Dover, Del., limited liability company.
| Issuer: | Rockford Tower CLO 2024-1 Ltd./Rockford Tower CLO 2024-1 LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $402.9 million
|
| Maturity: | April 20, 2037
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Securities Inc.
|
| Manager: | Rockford Tower Capital Management LLC
|
| Call feature: | April 20, 2026
|
| Pricing date: | April 16
|
| Settlement date: | April 18
|
|
|
| Class A-1 notes
|
| Amount: | $240 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 161 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $18 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 190 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $46 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 217.5 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 270 bps
|
| Rating: | S&P: A
|
|
|
| Class D-1 notes
|
| Amount: | $18 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 385 bps
|
| Rating: | S&P: BBB
|
|
|
| Class D-2 notes
|
| Amount: | $6 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 553 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $14 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 748 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $36.9 million
|
| Securities: | Subordinated notes
|
|
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