Oaktree Capital Management prices $516.5 million Oaktree CLO deal

By Cristal Cody

Tupelo, Miss., Jan. 17 - Oaktree Capital Management, LP priced $516.5 million of notes due February 2025 in the Oaktree CLO 2014-1 Ltd./Oaktree CLO 2014-1 LLC deal on Friday, according to parent company Oaktree Capital Group, LLC and an informed source.

The CLO offering was expected to include $310 million of class A-1 floating-rate notes (Aaa/AAA/); $70 million of class A-2 floating-rate notes (/AA/); $35 million of class B floating-rate notes (/A/); $25 million of class C floating-rate notes (/BBB/); $22 million of class D floating-rate notes (/BB/) and $54.88 million of subordinated notes.

Final pricing terms were not available by press time.

Citigroup Global Markets Inc. was the underwriter.

Oaktree Capital Management will manage the CLO, which is backed by broadly syndicated first-lien senior secured loans and eligible investments.

The CLO has a non-call period that ends in February 2016 and a reinvestment period that ends in February 2018.

The CLO will invest in corporate leveraged loans, Oaktree Capital Group said in a news release.

Oaktree Capital Management priced the $655.18 million Oaktree Enhanced Income Funding Series III Ltd. deal in June and the $759.48 million Oaktree Enhanced Income Funding Series II, Ltd. transaction in March.

Oaktree Capital Management is a Los Angeles-based asset management firm.

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