Chicago, May 28 – Onex Credit Partners, LLC is refinancing the collateralized loan obligation that was issued in May 2020 by OCP CLO 2020-18 Ltd./OCP CLO 2020-18 LLC, according to a pre-sale report.
The maturity date has been extended slightly more than two years to July 20, 2032.
The $422.84 million refinancing notes now include $248 million of class A-R senior secured floating-rate notes at Libor plus 109 basis points, $56 million of class B-R senior secured floating-rate notes at Libor plus 170 bps, $24 million of class C-R senior secured deferrable floating-rate notes at Libor plus 195 bps, $24 million of class D-R senior secured deferrable floating-rate notes at Libor plus 320 bps, $16 million of class E-R senior secured deferrable floating-rate notes at Libor plus 643 bps and $54.84 million of subordinated notes.
BofA Securities Inc. is the initial purchaser.
Onex Credit Partners continues to manage the collateral, primarily syndicated senior secured corporate loans.
The reinvestment period now ends July 20, 2024.
The notes can be called after April 20, 2022.
Originally, the CLO sold $240 million of class A floating-rate notes at Libor plus 180 bps, $44 million of class B-1 floating-rate notes at Libor plus 240 bps and $10 million of 2.75% class B-2 fixed-rate notes.
Lower down the stack, the CLO originally priced $24 million of class C deferrable floating-rate notes at Libor plus 292 bps, $26 million of class D deferrable floating-rate notes at Libor plus 433 bps and $54.84 million of subordinated notes.
The deal also included an unfunded $8 million delayed draw tranche of class E deferrable floating-rate notes with a coupon of Libor plus 800 bps.
The manager is a Toronto-based private equity firm.
| Issuers: | OCP CLO 2020-18 Ltd./OCP CLO 2020-18 LLC
|
| Issue: | Floating-rate and subordinated notes
|
| Amount: | $422.84 million
|
| Maturity: | July 20, 2032
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| Structure: | Cash flow CLO
|
| Placement agent: | BofA Securities Inc.
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| Manager: | Onex Credit Partners, LLC
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| Call feature: | April 20, 2022
|
| Settlement date: | May 6
|
|
|
| Class A-R notes
|
| Amount: | $248 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 109 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-R notes
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| Amount: | $56 million
|
| Securities: | Senior secured floating-rate notes
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| Coupon: | Libor plus 170 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
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| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
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| Coupon: | Libor plus 195 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
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| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
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| Coupon: | Libor plus 320 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R notes
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| Amount: | $16 million
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| Securities: | Senior secured deferrable floating-rate notes
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| Coupon: | Libor plus 643 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
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| Amount: | $54.84 million
|
| Securities: | Subordinated notes
|
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