By Cristal Cody
Tupelo, Miss., May 22 – Onex Credit Partners, LLC priced $406.84 million of notes due April 20, 2030 in the OCP CLO 2020-18 Ltd./OCP CLO 2020-18 LLC transaction, according to market sources.
The CLO sold $240 million of class A floating-rate notes at Libor plus 180 basis points, $44 million of class B-1 floating-rate notes at Libor plus 240 bps and $10 million of 2.75% class B-2 fixed-rate notes.
Lower down the stack, the CLO priced $24 million of class C deferrable floating-rate notes at Libor plus 292 bps, $26 million of class D deferrable floating-rate notes at Libor plus 433 bps and $54.84 million of subordinated notes.
The deal also included an unfunded $8 million delayed draw tranche of class E deferrable floating-rate notes with a coupon of Libor plus 800 bps.
BofA Securities, Inc. was the placement agent.
Onex will manage the CLO.
The CLO has a one-year non-call period and a two-year reinvestment period.
The notes are backed primarily by broadly syndicated senior secured corporate loans.
The deal is Onex’s first CLO offering of 2020.
The Toronto-based private equity firm priced one new issue dollar-denominated CLO in 2019.
| Issuer: | OCP CLO 2020-18 Ltd./OCP CLO 2020-18 LLC
|
| Amount: | $406.84 million
|
| Maturity: | April 20, 2030
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Securities, Inc.
|
| Manager: | Onex Credit Partners, LLC
|
| Call feature: | Two years non-call period
|
| Pricing date: | May 14
|
| Settlement date: | May 28
|
|
|
| Class A notes
|
| Amount: | $240 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 180 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $44 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 240 bps
|
| Ratings: | S&P: AA
|
|
|
| Class B-2 notes
|
| Amount: | $10 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 2.75%
|
| Ratings: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 292 bps
|
| Ratings: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $26 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 433 bps
|
| Ratings: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $8 million
|
| Securities: | Delayed draw deferrable floating-rate notes
|
| Coupon: | Libor plus 800 bps
|
| Ratings: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $54.84 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
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