By Cristal Cody
Tupelo, Miss., May 17 – Oaktree Capital Management LP sold $400 million of notes in a refinancing and reset of the Oaktree CLO 2014-1, Ltd./Oaktree CLO 2014-1 LLC transaction, according to a market source and a notice of executed first supplemental indenture on Tuesday.
The CLO priced $3 million of class X senior secured floating-rate notes at Libor plus 90 basis points; $271.3 million of class A-1-R senior secured floating-rate notes at Libor plus 129 bps; $58.75 million of class A-2-R senior secured floating-rate notes at Libor plus 185 bps; $26.4 million of class B-R senior secured deferrable floating-rate notes at Libor plus 272 bps; $23.1 million of class C-R senior secured deferrable floating-rate notes at Libor plus 390 bps and $17.45 million of class D-R senior secured deferrable floating-rate notes at Libor plus 630 bps.
The class X notes are a new class in the CLO, which was originally priced in January 2014.
Citigroup Global Markets Inc. was the refinancing agent.
Oaktree Capital Management will continue to manage the CLO.
The maturity on the refinanced notes was extended to May 13, 2029 from the original Feb. 13, 2025 maturity.
Proceeds from the refinancing were used to redeem the original class A-1, A-2A, A-2B, B, C and D notes.
The reset CLO is backed predominantly by broadly syndicated senior secured corporate loans.
Oaktree Capital Management priced two new U.S. CLOs in 2016.
The Los Angeles-based asset management firm is a subsidiary of Oaktree Capital Group, LLC.
| Issuer: | Oaktree CLO 2014-1, Ltd./Oaktree CLO 2014-1, LLC
|
| Amount: | $400 million refinancing/reset
|
| Maturity: | May 13, 2029
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Citigroup Global Markets Inc.
|
| Manager: | Oaktree Capital Management LP
|
| Settlement date: | May 15
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class X notes
|
| Amount: | $3 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 90 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class A-1-R notes
|
| Amount: | $271.3 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 129 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class A-2-R notes
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| Amount: | $58.75 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 185 bps
|
| Ratings: | S&P: AA
|
|
|
| Class B-R notes
|
| Amount: | $26.4 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 272 bps
|
| Ratings: | S&P: A
|
|
|
| Class C-R notes
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| Amount: | $23.1 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 390 bps
|
| Ratings: | S&P: BBB
|
|
|
| Class D-R notes
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| Amount: | $17.45 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 630 bps
|
| Ratings: | S&P: BB
|
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