Chicago, Feb. 10 – Onex Credit Partners LLC sold $397.6 million in a collateralized loan obligation being issued by OCP CLO 2023-26 Ltd./OCP CLO 2023-26 LLC, according to a presale report.
The notes will mature on April 17, 2036.
The CLO consists of $252 million of class A senior secured floating-rate notes at SOFR plus 196 basis points, $52 million of class B senior secured floating-rate notes at SOFR plus 255 bps, $22 million of class C senior secured deferrable floating-rate notes at SOFR plus 335 bps, $24 million of class D senior secured deferrable floating-rate notes at SOFR plus 535 bps, $12 million of class E senior secured deferrable floating-rate notes at SOFR plus 825 bps and $35.6 million of subordinated notes.
Onex Credit Partners LLC will manage the collateral through the end of the reinvestment period on April 17, 2028.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting March 16, 2025.
Citigroup Global Markets Inc. was the placement agent.
Onex is a Toronto-based private equity firm.
| Issuer: | OCP CLO 2023-26 Ltd./OCP CLO 2023-26 LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $397.6 million
|
| Maturity: | April 17, 2036
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | Onex Credit Partners LLC
|
| Call feature: | March 16, 2025
|
| Settlement date: | March 16
|
|
|
| Class A notes
|
| Amount: | $252 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 196 bps
|
|
|
| Class B notes
|
| Amount: | $52 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 255 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $22 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 335 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 535 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $12 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 825 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $35.6 million
|
| Securities: | Subordinated notes
|
|
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