Chicago, March 4 – Onex Credit Partners LLC is refinancing and extending for $421.6 million the collateralized loan obligation issued by OCP CLO 2016-11 Ltd./OCP CLO 2016-11 LLC , according to a presale report.
The notes will mature on April 26, 2036.
The CLO consists of $2 million of class X senior secured floating-rate notes at SOFR plus 100 basis points, $256 million of class A-1-R2 senior secured floating-rate notes at SOFR plus 142 bps, $12 million of class A-2-R2 senior secured floating-rate notes at SOFR plus 170 bps, $28.5 million of class B-1-R2 senior secured floating-rate notes at SOFR plus 195 bps, $7.5 million of class B-2-R2 5.91% senior secured fixed-rate notes, $24 million of class C-R2 senior secured deferrable floating-rate notes at SOFR plus 235 bps, $24 million of class D-R2 senior secured deferrable floating-rate notes at SOFR plus 370 bps, $16 million of class E-R2 senior secured deferrable floating-rate notes at SOFR plus 682 bps and $51.6 million of subordinated notes.
Onex Credit Partners LLC will manage the collateral through the end of the reinvestment period on April 26, 2027.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting March 8, 2025.
Citigroup Global Markets Inc. was the placement agent.
The original CLO closed in May 2016 and was reset in August 2017.
Toronto-based Onex Credit Partners LLC is the portfolio manager.
| Issuer: | OCP CLO 2016-11 Ltd./OCP CLO 2016-11 LLC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $421.6 million
|
| Maturity: | April 26, 2036
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | Onex Credit Partners LLC
|
| Call feature: | March 8, 2025
|
| Pricing date: | Feb. 23
|
| Settlement date: | March 8
|
|
|
| Class X notes
|
| Amount: | $2 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 100 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1-R2 notes
|
| Amount: | $256 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 142 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2-R2 notes
|
| Amount: | $12 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 170 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-1-R2 notes
|
| Amount: | $28.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 195 bps
|
| Rating: | S&P: AA+
|
|
|
| Class B-2-R2 notes
|
| Amount: | $7.5 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 5.91%
|
| Rating: | S&P: AA+
|
|
|
| Class C-R2 notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 235 bps
|
| Rating: | S&P: A+
|
|
|
| Class D-R2 notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 370 bps
|
| Rating: | S&P: BBB+
|
|
|
| Class E-R2 notes
|
| Amount: | $16 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 682 bps
|
| Rating: | S&P: BB
|
|
|
| Subordinated notes
|
| Amount: | $51.6 million
|
| Securities: | Subordinated notes
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
