Chicago, April 5 – Onex Credit Partners LLC refinanced for $403.95 million the collateralized loan obligation issued by OCP CLO 2020-20 Ltd./OCP CLO 2020-20 LLC, according to a presale report.
The CLO will mature on April 18, 2037.
The transaction consists of $1 million of class X senior secured floating-rate notes at SOFR plus 110 basis points, $122 million of class A-1R senior secured floating-rate notes at SOFR plus 153 bps, $130 million of class A-1 senior secured floating-rate loans at SOFR plus 153 bps, $16 million of class A-2R senior secured floating-rate notes at SOFR plus 173 bps, $28 million of class B-1R senior secured floating-rate notes at SOFR plus 195 bps, $8 million of class B-2R 5.85% senior secured fixed-rate notes, $24 million of class C-R senior secured deferrable floating-rate notes at SOFR plus 245 bps, $24 million of class D-1R senior secured deferrable floating-rate notes at SOFR plus 360 bps, $4 million of class D-2R senior secured deferrable floating-rate notes at SOFR plus 548 bps, $11 million of class E-R senior secured deferrable floating-rate notes at SOFR plus 665 bps and $35.95 million of subordinated notes.
Onex Credit Partners LLC will manage the collateral through the end of the reinvestment period on April 18, 2026.
Collateral consists of broadly syndicated speculative-grade senior secured term loans.
The CLO can be called starting April 18, 2026.
BNP Paribas Securities Corp. was the placement agent.
Originally, the transaction included $240 million of class A-1 floating-rate notes at Libor plus 140 bps, $16 million of class A-2 floating-rate notes at Libor plus 165 bps, $39 million of class B-1 floating-rate notes at Libor plus 190 bps and $9 million of 2.6% class B-2 fixed-rate notes.
The CLO also initially had $24 million of class C deferrable floating-rate notes at Libor plus 270 bps, $16 million of class D-1 deferrable floating-rate notes at Libor plus 395 bps, $8 million of class D-2 floating-rate notes at Libor plus 474 bps, $12 million of class E deferrable floating-rate notes at Libor plus 766 bps and $35.95 million of subordinated notes.
Onex is a Toronto-based private equity firm.
Issuer: | OCP CLO 2020-20 Ltd./OCP CLO 2020-20 LLC
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Issue: | Floating-rate notes, floating-rate loans, fixed-rate notes and subordinated notes
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Amount: | $403.95 million
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Maturity: | April 18, 2037
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Structure: | Cash flow CLO
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Placement agent: | BNP Paribas Securities Corp.
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Manager: | Onex Credit Partners LLC
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Call feature: | April 18, 2026
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Pricing date: | April 3
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Settlement date: | April 9
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Class X notes
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Amount: | $1 million
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Securities: | Senior secured floating-rate notes
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Coupon: | SOFR plus 110 bps
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Rating: | S&P: AAA
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Class A-1R notes
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Amount: | $122 million
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Securities: | Senior secured floating-rate notes
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Coupon: | SOFR plus 153 bps
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Rating: | S&P: AAA
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Class A-1 loans
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Amount: | $130 million
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Securities: | Senior secured floating-rate loans
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Coupon: | SOFR plus 153 bps
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Rating: | S&P: AAA
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Class A-2R notes
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Amount: | $16 million
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Securities: | Senior secured floating-rate notes
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Coupon: | SOFR plus 173 bps
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Rating: | S&P: AAA
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Class B-1R notes
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Amount: | $28 million
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Securities: | Senior secured floating-rate notes
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Coupon: | SOFR plus 195 bps
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Rating: | S&P: AA
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Class B-2R notes
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Amount: | $8 million
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Securities: | Senior secured fixed-rate notes
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Coupon: | 5.85%
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Rating: | S&P: AA
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Class C-R notes
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Amount: | $24 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | SOFR plus 245 bps
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Rating: | S&P: A
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Class D-1R notes
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Amount: | $24 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | SOFR plus 360 bps
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Rating: | S&P: BBB
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Class D-2R notes
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Amount: | $4 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | SOFR plus 548 bps
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Rating: | S&P: BBB-
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Class E-R notes
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Amount: | $11 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | SOFR plus 665 bps
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Rating: | S&P: BB
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Subordinated notes
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Amount: | $35.95 million
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Securities: | Subordinated notes
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