Chicago, April 4 – Onex Credit Partners, LLC refinanced for $565.3 million the collateralized loan obligation issued by OCP CLO 2016-12 Ltd./OCP CLO 2016-12 Corp., according to multiple press releases.
The notes will mature on April 18, 2033.
The CLO now consists of $2 million of class X senior secured floating-rate notes at SOFR plus 100 basis points, $352 million of class A-R2 senior secured floating-rate notes at SOFR plus 127 bps, $66 million of class B-R2 senior secured floating-rate notes at SOFR plus 181 bps, $33 million of class C-R2 senior secured deferrable floating-rate notes at SOFR plus 230 bps, $33 million of class D-R2 senior secured deferrable floating-rate notes at SOFR plus 334 bps, $22 million of class E-R2 senior secured deferrable floating-rate notes at SOFR plus 715 bps and $57.3 million of preference shares.
The transaction originally closed in October 2016 and was refinanced in October 2018.
Onex Credit Partners, LLC will manage the collateral through the end of the 3.1-year reinvestment period.
Collateral for the notes consists of first-lien senior secured leveraged loans.
Credit Suisse Securities (USA) LLC was the placement agent.
The private equity firm is based in Toronto.
| Issuer: | OCP CLO 2016-12 Ltd./OCP CLO 2016-12 Corp.
|
| Issue: | Floating-rate notes and preference shares
|
| Amount: | $565.3 million
|
| Maturity: | April 18, 2033
|
| Structure: | Cash flow CLO
|
| Placement agent: | Credit Suisse Securities (USA) LLC
|
| Manager: | Onex Credit Partners, LLC
|
| Settlement date: | March 30
|
|
|
| Class X notes
|
| Amount: | $2 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 100 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class A-R2 notes
|
| Amount: | $352 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 127 bps
|
| Rating: | Moody's: Aaa
|
| Fitch: AAA
|
|
|
| Class B-R2 notes
|
| Amount: | $66 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 181 bps
|
| Rating: | Fitch: AA
|
|
|
| Class C-R2 notes
|
| Amount: | $33 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 230 bps
|
| Rating: | Fitch: A
|
|
|
| Class D-R2 notes
|
| Amount: | $33 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 334 bps
|
| Rating: | Fitch: BBB-
|
|
|
| Class E-R2 notes
|
| Amount: | $22 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 715 bps
|
| Rating: | Fitch: BB-
|
|
|
| Preference shares
|
| Amount: | $57.3 million
|
| Securities: | Preference shares
|
|
|
|
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