Chicago, Dec. 14 – Onex Credit Partners LLC sold $557 million in a collateralized loan obligation being issued by OCP CLO 2021-22 Ltd./OCP CLO 2021-22 LLC, according to a pre-sale report.
The notes will mature on Dec. 2, 2034.
The CLO consists of $346.5 million of class A senior secured floating-rate notes at Libor plus 118 basis points, $56 million of class B-1 senior secured floating-rate notes at Libor plus 170 bps, $15.5 million of class B-2 2.68% senior secured fixed-rate notes, $33 million of class C senior secured deferrable floating-rate notes at Libor plus 205 bps, $33 million of class D senior secured deferrable floating-rate notes at Libor plus 310 bps, $22 million of class E senior secured deferrable floating-rate notes at Libor plus 660 bps and $51 million of subordinated notes.
Onex Credit Partners LLC will manage the collateral through the end of the reinvestment period on Jan. 20, 2027.
The collateral for the notes comes from a pool of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting Dec. 2, 2023.
RBC Capital Markets LLC was the placement agent.
Onex is a Toronto-based private equity firm.
| Issuer: | OCP CLO 2021-22 Ltd./OCP CLO 2021-22 LLC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $557 million
|
| Maturity: | Dec. 2, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | RBC Capital Markets LLC
|
| Manager: | Onex Credit Partners LLC
|
| Call feature: | Dec. 2, 2023
|
| Settlement date: | Dec. 2
|
|
|
| Class A notes
|
| Amount: | $346.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 118 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $56 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-2 notes
|
| Amount: | $15.5 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.68%
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $33 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 205 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $33 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 310 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $22 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 660 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $51 million
|
| Securities: | Subordinated notes
|
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