By Cristal Cody
Tupelo, Miss., May 22 - Onex Credit Partners LLC sold $1,001,750,000 of notes due 2026 in a collateralized loan obligation transaction on Thursday, according to a market source.
OCP CLO 2014-6 Ltd./OCP CLO 2014-6 Corp. priced $365.5 million of class A-1A floating-rate notes (Aaa) at Libor plus 145 basis points; $193 million of A-1B floating-rate notes (Aaa) at Libor plus 145 bps; $50 million of class A-1L floating-rate notes (Aaa) at Libor plus 135 bps; $63.75 million of class A-2A floating-rate notes at Libor plus 205 bps; $48.5 million of 4.16% class A-2B fixed-rate notes; $68.5 million of class B floating-rate notes at Libor plus 310 bps; $52.75 million of class C floating-rate notes at Libor plus 365 bps; $47 million of class D floating-rate notes at Libor plus 495 bps; $20.75 million of class E floating-rate notes at Libor plus 560 bps and $92 million of subordinated notes.
BofA Merrill Lynch arranged the deal.
Onex Credit Partners will manage the CLO, which is collateralized primarily by broadly syndicated first-lien senior secured corporate loans and eligible investments.
The CLO has a two-year non-call period and a four-year reinvestment period.
Onex Credit Partners, the credit investing arm of Toronto-based Onex Corp., was last in the CLO primary market on March 4 with the $420 million OCP CLO 2014-5 Ltd./OCP CLO 2014-5 Corp. deal.
| Issuer: | OCP CLO 2014-6 Ltd./OCP CLO 2014-6 Corp.
|
| Amount: | $1,001,750,000
|
| Maturity: | 2026
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Merrill Lynch
|
| Manager: | Onex Credit Partners LLC
|
| Call feature: | 2016
|
| Pricing date: | May 22
|
| Settlement date: | June 26
|
|
|
| Class A-1A notes
|
| Amount: | $365.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 145 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-1B notes
|
| Amount: | $193 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 145 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-1L notes
|
| Amount: | $50 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 135 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-2A notes
|
| Amount: | $63.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 205 bps
|
| Rating: | Non-rated
|
|
|
| Class A-2B notes
|
| Amount: | $48.5 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 4.16%
|
| Rating: | Non-rated
|
|
|
| Class B notes
|
| Amount: | $68.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 310 bps
|
| Rating: | Non-rated
|
|
|
| Class C notes
|
| Amount: | $52.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 365 bps
|
| Rating: | Non-rated
|
|
|
| Class D notes
|
| Amount: | $47 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 495 bps
|
| Rating: | Non-rated
|
|
|
| Class E notes
|
| Amount: | $20.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 560 bps
|
| Rating: | Non-rated
|
|
|
| Equity tranche
|
| Amount: | $92 million
|
| Securities: | Subordinated notes
|
| Rating: | Non-rated
|
© 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.
