By Cristal Cody
Tupelo, Miss., June 17 – Onex Credit Partners, LLC priced €251.5 million of notes due Jan. 22, 2033 in a new euro-denominated collateralized loan obligation offering, according to a market source.
OCP Euro CLO 2020-4 DAC sold €145 million of class A floating-rate notes at Euribor plus 175 basis points; €13 million of class B-1 floating-rate notes at Euribor plus 220 bps and €12.5 million of 2.65% class B-2 fixed-rate notes.
The CLO sold €20.5 million of class C floating-rate notes at Euribor plus 280 bps; €14 million of class D floating-rate notes at Euribor plus 420 bps; €10.5 million of class E floating-rate notes at Euribor plus 658 bps; €5 million of class F floating-rate notes at Euribor plus 747 bps and €31 million of subordinated notes.
Credit Suisse Securities (Europe) Ltd. was the placement agent.
The CLO has a three-year reinvestment period.
The deal is backed primarily by broadly syndicated euro-denominated senior secured leveraged loans and bonds.
Onex has priced one euro-denominated CLO year to date.
The private equity firm is based in Toronto.
| Issuer: | OCP Euro CLO 2020-4 DAC
|
| Amount: | €251.5 million
|
| Maturity: | Jan. 22, 2033
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Credit Suisse Securities (Europe) Ltd.
|
| Manager: | Onex Credit Partners, LLC
|
| Pricing date: | June 16
|
|
|
| Class A notes
|
| Amount: | €145 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 175 bps
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | €13 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 220 bps
|
| Ratings: | S&P: AA
|
| Fitch: AA
|
|
|
| Class B-2 notes
|
| Amount: | €12.5 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 2.65%
|
| Ratings: | S&P: AA
|
| Fitch: AA
|
|
|
| Class C notes
|
| Amount: | €20.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 280 bps
|
| Ratings: | S&P: A
|
| Fitch: A
|
|
|
| Class D notes
|
| Amount: | €14 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 420 bps
|
| Ratings: | S&P: BBB
|
| Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | €10.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 658 bps
|
| Ratings: | S&P: BB-
|
| Fitch: BB-
|
|
|
| Class F notes
|
| Amount: | €5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 747 bps
|
| Ratings: | S&P: B-
|
| Fitch: B-
|
|
|
| Equity
|
| Amount: | €31 million
|
| 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.
