By Cristal Cody
Tupelo, Miss., June 12 – Onex Credit Partners, LLC priced $395.5 million of notes due July 20, 2031 in the new OCP CLO 2020-19 Ltd./OCP CLO 2020-19 LLC transaction, according to additional deal details from market sources.
The CLO sold $222 million of class A-1 floating-rate notes at Libor plus 175 basis points, $18 million of 2.1% class A-2 fixed-rate notes and $56 million of class B floating-rate notes at Libor plus 250 bps.
The CLO also priced $24 million of class C deferrable floating-rate notes at Libor plus 295 bps, $24 million of class D deferrable floating-rate notes at Libor plus 447 bps, $16 million of class E deferrable floating-rate notes at Libor plus 611 bps and $35.5 million of subordinated notes.
Natixis Securities Americas LLC was the placement agent.
Onex will manage the CLO.
The CLO has a one-year non-call period and a three-year reinvestment period.
The notes are backed primarily by broadly syndicated senior secured corporate loans.
Onex has priced two new CLOs year to date.
The Toronto-based private equity firm priced one new dollar-denominated CLO in 2019.
| Issuer: | OCP CLO 2020-19 Ltd./OCP CLO 2020-19 LLC
|
| Amount: | $395.5 million
|
| Maturity: | July 20, 2031
|
| Structure: | Cash flow CLO
|
| Placement agent: | Natixis Securities Americas LLC
|
| Manager: | Onex Credit Partners, LLC
|
| Call feature: | One year
|
| Pricing date: | June 3
|
| Settlement date: | June 25
|
|
|
| Class A-1 notes
|
| Amount: | $222 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $18 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 2.1%
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $56 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 250 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 295 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $24 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 447 bps
|
| Rating: | S&P: BBB
|
|
|
| Class E notes
|
| Amount: | $16 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 611 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $35.5 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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