Chicago, May 14 – Onex Credit Partners, LLC priced $508.2 million of notes due July 2034 issued by OCP CLO 2021-21, Ltd./OCP CLO 2021-21 LLC, according to a pre-sale report.
The portfolio has $300 million of class A-1 senior secured floating-rate notes at Libor plus 115 basis points, $20 million of class A-2 senior secured floating-rate notes at Libor plus 140 bps, $60 million of class B senior secured floating-rate notes at Libor plus 170 bps, $30 million of class C senior secured deferrable floating-rate notes at Libor plus 190 bps, $30 million of class D senior secured deferrable floating-rate notes at Libor plus 295 bps, $17.5 million of class E senior secured deferrable floating-rate notes at Libor plus 628 bps and $50.7 million of subordinated notes.
The notes come with two years of call protection.
The reinvestment period is five years.
Collateral will be managed by Onex Credit Partners.
The manager is a Toronto-based private equity firm.
| Issuers: | OCP CLO 2021-21, Ltd./OCP CLO 2021-21 LLC
|
| Issue: | Floating-rate and subordinated notes
|
| Amount: | $508.2 million
|
| Maturity: | July 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Manager: | Onex Credit Partners, LLC
|
| Call feature: | July 20, 2023
|
| Pricing date: | May 5
|
| Settlement date: | June 3
|
|
|
| Class A-1 notes
|
| Amount: | $300 million
|
| Securities: | Senior Secured floating-rate notes
|
| Coupon: | Libor plus 115 bps
|
| Rating: | Moody's: Aaa
|
| S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $20 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 140 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class B notes
|
| Amount: | $60 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 295 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $17.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 628 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $50.7 million
|
| Securities: | Subordinated notes
|
|
|
© 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.
