Redding Ridge Asset Management LLC has announced the closing of its first-ever collateralized loan obligation, the $700 million RR 1 LTD.

The transaction priced July 20 and was underwritten by J.P. Morgan. The CLO is backed by a portfolio of broadly syndicated loans with a two-year noncall period and a five-year reinvestment period. It is structured to comply with risk retention requirements in the U.S. and Europe.

Redding Ridge will retain a majority of the CLO's equity.