Chicago, Sept. 8 – Onex Credit Partners LLC refinanced and extended for $496.75 million the collateralized loan obligation originally issued by OCP CLO 2020-19 Ltd./OCP CLO 2020-19 LLC, according to a pre-sale report.
The notes will now mature on Oct. 20, 2034.
The refinanced CLO consists of $1.25 million of class X senior secured floating-rate notes at Libor plus 70 basis points, $305 million of class A-R senior secured floating-rate notes at Libor plus 115 bps, $75 million of class B-R senior secured floating-rate notes at Libor plus 170 bps, $30 million of class C-R senior secured deferrable floating-rate notes at Libor plus 210 bps, $30 million of class D-R senior secured deferrable floating-rate notes at Libor plus 315 bps, $20 million of class E-R senior secured deferrable floating-rate notes at Libor plus 650 bps and$35.5 million of subordinated notes.
Initially, the CLO sold $222 million of class A-1 floating-rate notes at Libor plus 175 bps, $18 million of 2.1% class A-2 fixed-rate notes and $56 million of class B floating-rate notes at Libor plus 250 bps.
The CLO also originally priced $24 million of class C deferrable floating-rate notes at Libor plus 295 bps, $24 million of class D deferrable floating-rate notes at Libor plus 447 bps, $16 million of class E deferrable floating-rate notes at Libor plus 611 bps and $35.5 million of subordinated notes.
Onex Credit Partners LLC will manage the collateral through the end of the reinvestment period on Oct. 20, 2026.
The notes can be called starting Sept. 1, 2023.
Natixis Securities Americas LLC was the placement agent.
Onex is a Toronto-based private equity firm.
| Issuer: | OCP CLO 2020-19 Ltd./OCP CLO 2020-19 LLC
|
| Issue: | OCP CLO 2020-19 Ltd./OCP CLO 2020-19 LLC
|
| Amount: | $496.75 million
|
| Maturity: | Oct. 20, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | Natixis Securities Americas LLC
|
| Manager: | Onex Credit Partners LLC
|
| Call feature: | Sept. 1, 2023
|
| Settlement date: | Sept. 1
|
|
|
| Class X notes
|
| Amount: | $1.25 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 70 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-R notes
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| Amount: | $305 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 115 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-R notes
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| Amount: | $75 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
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| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 210 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
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| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 315 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R notes
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| Amount: | $20 million
|
| Securities: | Senior secured deferrable floating-rate notes
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| Coupon: | Libor plus 650 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $35.5 million
|
| Securities: | Subordinated notes
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