Chicago, Aug. 26 – Onex Credit Partners LLC sold $364.9 million in a collateralized loan obligation being issued by OCP CLO 2022-25 Ltd./OCP CLO 2022-25 LLC, according to a presale report.
The notes will mature on July 20, 2035.
The CLO consists of $217.8 million of class A senior secured floating-rate notes at SOFR plus 235 basis points, $45 million of class B senior secured floating-rate notes at SOFR plus 310 bps, $18 million of class C-1 senior secured deferrable floating-rate notes at SOFR plus 415 bps, $9 million of class C-2 senior secured deferrable floating-rate notes at SOFR plus 425 bps, $20.7 million of class D senior secured deferrable floating-rate notes at SOFR plus 533 bps, $6.3 million of class E-1 senior secured deferrable floating-rate notes at SOFR plus 615 bps, $4.95 million of class E-2 senior secured deferrable floating-rate notes at SOFR plus 860 bps, $3.15 million of class F-1 senior secured deferrable floating-rate notes at SOFR plus 900 bps, $4.5 million of class F-2 senior secured deferrable floating-rate notes at SOFR plus 950 bps and $35.5 million of subordinated notes.
Onex Credit Partners LLC will manage the collateral through the end of the reinvestment period on July 20, 2026.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting July 20, 2024.
Credit Suisse Securities (USA) LLC was the placement agent.
Onex is a Toronto-based private equity firm.
| Issuer: | OCP CLO 2022-25 Ltd./OCP CLO 2022-25 LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $364.9 million
|
| Maturity: | July 20, 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | Credit Suisse Securities (USA) LLC
|
| Manager: | Onex Credit Partners LLC
|
| Call feature: | July 20, 2024
|
| Settlement date: | Sept. 9
|
|
|
| Class A notes
|
| Amount: | $217.8 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 235 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $45 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 310 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-1 notes
|
| Amount: | $18 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 415 bps
|
| Rating: | S&P: A+
|
|
|
| Class C-2 notes
|
| Amount: | $9 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 425 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
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| Amount: | $20.7 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 533 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-1 notes
|
| Amount: | $6.3 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 615 bps
|
| Rating: | S&P: BB+
|
|
|
| Class E-2 notes
|
| Amount: | $4.95 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 860 bps
|
| Rating: | S&P: BB-
|
|
|
| Class F-1 notes
|
| Amount: | $3.15 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 900 bps
|
| Rating: | S&P: B+
|
|
|
| Class F-2 notes
|
| Amount: | $4.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 950 bps
|
| Rating: | S&P: B-
|
|
|
| Subordinated notes
|
| Amount: | $35.5 million
|
| Securities: | Subordinated notes
|
|
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