By Cristal Cody
Tupelo, Miss., March 7 - Onex Credit Partners LLC sold $420,015,000 of notes due April 26, 2026 in a collateralized loan obligation transaction, according to an informed source on Friday.
The OCP CLO 2014-5 Ltd./OCP CLO 2014-5 Corp. vehicle priced $242 million of class A-1A senior secured floating-rate notes (/AAA/) at Libor plus 100 basis points and $60.5 million of A-2 senior secured floating-rate notes (/AA/) at Libor plus 172 bps at the top of the structure.
Lower in the capital structure, the CLO sold $25.25 million of class B deferrable floating-rate notes (/A/) at Libor plus 268 bps; $21.75 million of class C deferrable floating-rate notes (/BBB/) at Libor plus 325 bps; $18.75 million of class D deferrable floating-rate notes (/BB/) at Libor plus 450 bps; $8.5 million of class E deferrable floating-rate notes (/B/) at Libor plus 525 bps and $43,265,000 of preference shares in the equity tranche.
Citigroup Global Markets Inc. was the placement agent.
Onex Credit Partners will manage the CLO, which is collateralized primarily by a revolving pool of broadly syndicated senior secured corporate loans.
The CLO is non-callable until April 26, 2016. The reinvestment period ends April 26, 2018.
Onex Credit Partners, the credit investing arm of Toronto-based Onex Corp., was in the market in 2013 with the $511.1 million OCP CLO 2013-3 Ltd./OCP CLO 2013-3 Corp. transaction and the $514.35 million OCP CLO 2013-4 Ltd./OCP CLO 2013-4 Corp. deal.
| Issuer: | OCP CLO 2014-5 Ltd./OCP CLO 2014-5 Corp.
|
| Amount: | $420,015,000
|
| Maturity: | April 26, 2026
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | Onex Credit Partners LLC
|
| Call feature: | April 26, 2016
|
| Pricing date: | March 4
|
| Settlement date: | March 20
|
|
|
| Class A-1 notes
|
| Amount: | $242 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 100 bps
|
| Rating: | Standard & Poor's: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $60.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 172 bps
|
| Rating: | Standard & Poor's: AA
|
|
|
| Class B notes
|
| Amount: | $25.25 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 268 bps
|
| Rating: | Standard & Poor's: A
|
|
|
| Class C notes
|
| Amount: | $21.75 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 325 bps
|
| Rating: | Standard & Poor's: BBB
|
|
|
| Class D notes
|
| Amount: | $18.75 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 450 bps
|
| Rating: | Standard & Poor's: BB
|
|
|
| Class E notes
|
| Amount: | $8.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 525 bps
|
| Rating: | Standard & Poor's: B
|
|
|
| Equity tranche
|
| Amount: | $43.265 million
|
| Securities: | Preference shares
|
| Ratings: | Non-rated
|
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