By Cristal Cody
Tupelo, Miss., Nov. 23 – Onex Credit Partners, LLC priced $399.95 million of notes due Oct. 9, 2033 in the new OCP CLO 2020-20 Ltd./OCP CLO 2020-20 LLC transaction, according to market sources.
The CLO sold $240 million of class A-1 floating-rate notes at Libor plus 140 basis points, $16 million of class A-2 floating-rate notes at Libor plus 165 bps, $39 million of class B-1 floating-rate notes at Libor plus 190 bps and $9 million of 2.6% class B-2 fixed-rate notes.
The CLO also priced $24 million of class C deferrable floating-rate notes at Libor plus 270 bps, $16 million of class D-1 deferrable floating-rate notes at Libor plus 395 bps, $8 million of class D-2 floating-rate notes at Libor plus 474 bps, $12 million of class E deferrable floating-rate notes at Libor plus 766 bps and $35.95 million of subordinated notes.
Natixis Securities Americas LLC was the placement agent.
The CLO has a two-year non-call period and a five-year reinvestment period.
The notes are backed primarily by broadly syndicated senior secured corporate loans.
Onex has priced three new dollar-denominated CLOs year to date.
The Toronto-based private equity firm priced one new dollar-denominated CLO in 2019.
| Issuer: | OCP CLO 2020-20 Ltd./OCP CLO 2020-20 LLC
|
| Amount: | $399.95 million
|
| Maturity: | Oct. 9, 2033
|
| Structure: | Cash flow CLO
|
| Placement agent: | Natixis Securities Americas LLC
|
| Manager: | Onex Credit Partners, LLC
|
| Call feature: | Two years
|
| Settlement date: | Dec. 8
|
|
|
| Class A-1 notes
|
| Amount: | $240 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 140 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $16 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Ratings: | S&P: Non-rated
|
|
|
| Class B-1 notes
|
| Amount: | $39 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Ratings: | S&P: AA
|
|
|
| Class B-2 notes
|
| Amount: | $9 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 2.6%
|
| Ratings: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 270 bps
|
| Ratings: | S&P: A
|
|
|
| Class D-1 notes
|
| Amount: | $16 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 395 bps
|
| Ratings: | S&P: BBB
|
|
|
| Class D-2 notes
|
| Amount: | $8 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 474 bps
|
| Ratings: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $12 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 766 bps
|
| Ratings: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $35.95 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
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