Chicago, Aug. 10 – Onex Credit Partners LLC refinanced and extended $505.375 million in a collateralized loan obligation originally issued by OCP CLO 2019-17 Ltd./OCP CLO 2019-17 LLC, according to a pre-sale report.
The notes will mature on July 20, 2032.
The CLO now consists of $0.375 million of class X senior secured floating-rate notes at Libor plus 65 basis points, $320 million of class A-1-R senior secured floating-rate notes at Libor plus 104 bps, $5 million of class A-2-R 2.454% senior secured fixed-rate notes, $55 million of class B-R senior secured floating-rate notes at Libor plus 160 bps, $30 million of class C-R senior secured deferrable floating-rate notes at Libor plus 200 bps, $30 million of class D-R senior secured deferrable floating-rate notes at Libor plus 310 bps, $20 million of class E-R senior secured deferrable floating-rate notes at Libor plus 650 bps and $45 million of subordinated notes.
Onex Credit Partners LLC will manage the collateral through the end of the extended reinvestment period on July 20, 2024.
The notes can be called starting July 20, 2022.
Citigroup Global Markets Inc. was the placement agent.
The private equity firm is based in Toronto.
| Issuer: | OCP CLO 2019-17 Ltd./OCP CLO 2019-17 LLC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $505.375 million
|
| Maturity: | July 20, 2032
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | Onex Credit Partners LLC
|
| Call feature: | July 20, 2022
|
| Settlement date: | July 20
|
|
|
| Class X notes
|
| Amount: | $0.375 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 65 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1-R notes
|
| Amount: | $320 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 104 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2-R notes
|
| Amount: | $5 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.454%
|
| Rating: | S&P: AA+
|
|
|
| Class B-R notes
|
| Amount: | $55 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 310 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R notes
|
| Amount: | $20 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 650 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $45 million
|
| Securities: | Subordinated notes
|
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