Chicago, Jan. 19 Onex Credit Partners, LLC priced $382 million of notes due Jan. 17, 2032 in a new OCP CLO 2020-8R Ltd. transaction, according to a market source.
The CLO includes:
$4.5 million class X floating-rate notes at Libor plus 75 basis points;
$217 million class A-1 floating-rate notes at Libor plus 122 bps;
$49 million class A-2 floating-rate notes at Libor plus 155 bps;
$9.25 million class B-1a deferrable floating-rate notes at Libor plus 190 bps;
$9.25 million class B-1b deferrable floating-rate notes at Libor plus 286 bps;
$2.5 million class B-2 deferrable floating-rate notes at Libor plus 238 bps;
$21 million class C deferrable floating-rate notes at Libor plus 375 bps;
$10.5 million class D deferrable floating-rate notes at Libor plus 700 bps; and
$10.5 million of subordinated notes.
Citigroup Global Markets Inc. is the initial purchaser.
Onex Credit Partners will manage the CLO with a three-year reinvestment period.
The notes are non-callable for one year.
This is Onexs first CLO in 2021, bringing assets under management to $11 billion.
Onex is a Toronto-based private equity firm.
| Issuer: | OCP CLO 2020-8R Ltd.
|
| Amount: | $382 million
|
| Maturity: | Jan. 17, 2032
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | Onex Credit Partners, LLC
|
| Call feature: | One year
|
| Settlement date: | Jan. 19
|
|
|
| Class X notes
|
| Amount: | $4.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 75 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class A-1 notes
|
| Amount: | $217 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 122 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $49 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 155 bps
|
| Ratings: | S&P: AA
|
|
|
| Class B-1a notes
|
| Amount: | $9.25 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Ratings: | S&P: AA-
|
|
|
| Class B-1b notes
|
| Amount: | $9.25 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 286 bps
|
| Ratings: | S&P: A
|
|
|
| Class B2 notes
|
| Amount: | $2.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 238 bps
|
| Ratings: | S&P: A
|
|
|
| Class C notes
|
| Amount: | $21 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 375 bps
|
| Ratings: | S&P: BBB-
|
|
|
| Class D notes
|
| Amount: | $10.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 700 bps
|
| Ratings: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $59 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus bps
|
|
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