By Cristal Cody
Tupelo, Miss., May 28 – Redding Ridge Asset Management, LLC priced $376 million of notes due July 15, 2033 in a new broadly syndicated collateralized loan obligation offering, according to market sources.
RR 10 Ltd./RR 10 LLC sold $220 million of class A-1FL floating-rate notes at Libor plus 180 basis points, $20 million of 2.14% class A-1FX fixed-rate notes and $34 million of class A-2 floating-rate notes at Libor plus 250 bps.
The CLO also priced $28 million of class A-2b deferrable floating-rate notes at Libor plus 300 bps, $20 million of class B deferrable floating-rate notes at Libor plus 340 bps, $21 million of class C deferrable floating-rate notes at Libor plus 473 bps, $7 million of class D deferrable floating-rate notes at Libor plus 670 bps and $26 million of subordinated notes.
BNP Paribas Securities Corp. was the placement agent.
The CLO has a one-year non-call period and a three-year reinvestment period.
The CLO is collateralized primarily by broadly syndicated first-lien senior secured loans.
Redding Ridge Asset Management has issued four CLOs so far in 2020.
The New York City-based asset management company was established in 2016 by Apollo Global Management, LLC.
| Issuer: | RR 10 Ltd./RR 10 LLC
|
| Amount: | $376 million
|
| Maturity: | July 15, 2033
|
| 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: | May 19
|
| Settlement date: | June 4
|
|
|
| Class A-1FL notes
|
| Amount: | $220 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 180 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1FX notes
|
| Amount: | $20 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 2.14%
|
| Rating: | S&P: AAA
|
|
|
| Class A-2a notes
|
| Amount: | $34 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 250 bps
|
| Rating: | S&P: AA+
|
|
|
| Class A-2b notes
|
| Amount: | $28 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 300 bps
|
| Rating: | S&P: AA-
|
|
|
| Class B notes
|
| Amount: | $20 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 340 bps
|
| Rating: | S&P: A-
|
|
|
| Class C notes
|
| Amount: | $21 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 473 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class D notes
|
| Amount: | $7 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 670 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $26 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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