By Cristal Cody
Tupelo, Miss., Nov. 21 – Och-Ziff Loan Management LP priced $510,208,000 of notes due Jan. 20, 2027 in a collateralized loan obligation transaction on Friday, according to a market source.
OZLM IX, Ltd./OZLM IX, LLC sold $317 million of class A-1 floating-rate notes at Libor plus 158 basis points, $63 million of class A-2 floating-rate notes at Libor plus 240 bps; $23.5 million of class B floating-rate notes at Libor plus 330 bps; $31.5 million of class C floating-rate notes at Libor plus 360 bps; $26.5 million of class D floating-rate notes at Libor plus 515 bps and $48,708,000 of subordinated notes.
Credit Suisse Securities (USA) LLC arranged the offering.
Och-Ziff will manage the CLO, which is secured primarily by first-lien senior secured loans.
The CLO has a 1.8-year non-call period and a 4.1-year reinvestment period.
Proceeds from the offering will be used to repay parties that provided interim financing, which allowed the issuer to purchase collateral prior to the closing date, and to purchase collateral to reach a target portfolio of about $500 million of mainly senior secured leveraged loans.
Och-Ziff Loan Management has priced four CLOs year to date, including the $622.25 million OZLM VIII, Ltd./OZLM VIII, LLC deal on Aug. 7.
The firm is an affiliate of New York City-based alternative asset management firm Och-Ziff Capital Management Group LLC.
| Issuer: | OZLM IX, Ltd./OZLM IX, LLC
|
| Amount: | $510,208,000
|
| Maturity: | Jan. 20, 2027
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Credit Suisse Securities (USA) LLC
|
| Manager: | Och-Ziff Loan Management LP
|
| Call feature: | 1.8 years
|
| Pricing date: | Nov. 21
|
| Settlement date: | Dec. 22
|
| Distribution: | Rule 144A
|
|
|
| Class A-1 notes
|
| Amount: | $317 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 158 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $63 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 240 bps
|
| Ratings: | Non-rated
|
|
|
| Class B notes
|
| Amount: | $23.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 330 bps
|
| Ratings: | Non-rated
|
|
|
| Class C notes
|
| Amount: | $31.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 360 bps
|
| Ratings: | Non-rated
|
|
|
| Class D notes
|
| Amount: | $26.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 515 bps
|
| Ratings: | Non-rated
|
|
|
| Equity tranche
|
| Amount: | $48,708,000
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
