By Cristal Cody
Tupelo, Miss., Nov. 14 – Onex Credit Partners, LLC priced a $513.7 million private placement collateralized loan obligation offering of notes due Oct. 20, 2026, according to a market source.
OCP CLO 2014-7 Ltd./OCP CLO 2014-7 Corp. priced $285 million of class A-1a senior secured floating-rate notes at Libor plus 160 basis points; $25 million of 3.61% class A-1b senior secured fixed-rate notes: $67.5 million of class A-2a senior secured floating-rate notes at Libor plus 210 bps; $3 million of 4.65% class A-2b senior secured fixed-rate notes; $22 million of class B-1 senior secured deferrable floating-rate notes at Libor plus 300 bps; $10 million of 5.63% class B-2 senior secured deferrable fixed-rate notes; $27 million of class C senior secured deferrable floating-rate notes at Libor plus 360 bps; $21.75 million of class D senior secured deferrable floating-rate notes at Libor plus 520 bps; $10.5 million of class E senior secured deferrable floating-rate notes at Libor plus 575 bps and $41.95 million of subordinated notes, according to a market source.
Citigroup Global Markets Inc. was the placement agent.
Onex Credit Partners will manage the CLO.
The CLO has a two-year non-call period and a four-year reinvestment period.
Onex Credit Partners previously priced the $1,001,750,000 OCP CLO 2014-6 Ltd./OCP CLO 2014-6 Corp. deal on May 22.
The credit investing arm of Toronto-based Onex Corp. brought the $420 million OCP CLO 2014-5 Ltd./OCP CLO 2014-5 Corp. offering on March 4, 2014.
| Issuer: | OCP CLO 2014-7 Ltd./OCP CLO 2014-7 Corp.
|
| Amount: | $513.7 million
|
| Maturity: | Oct. 20, 2026
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | Onex Credit Partners, LLC
|
| Call feature: | 2016
|
| Pricing date: | Oct. 31
|
| Settlement date: | Nov. 25
|
| Distribution: | Private placement
|
|
|
| Class A-1a notes
|
| Amount: | $285 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Ratings: | Moody’s: Aaa
|
| Standard & Poor’s: AAA
|
|
|
| Class A-1b notes
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| Amount: | $25 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 3.61%
|
| Ratings: | Moody’s: Aaa
|
| Standard & Poor’s: AAA
|
|
|
| Class A-2a notes
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| Amount: | $67.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 210 bps
|
| Rating: | Standard & Poor’s: AA
|
|
|
| Class A-2b notes
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| Amount: | $3 million
|
| Securities: | Senior secured fixed-rate notes
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| Coupon: | 4.65%
|
| Rating: | Standard & Poor’s: AA
|
|
|
| Class B-1 notes
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| Amount: | $22 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 300 bps
|
| Rating: | Standard & Poor’s: A
|
|
|
| Class B-2 notes
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| Amount: | $10 million
|
| Securities: | Senior secured deferrable fixed-rate notes
|
| Coupon: | 5.63%
|
| Rating: | Standard & Poor’s: A
|
|
|
| Class C notes
|
| Amount: | $27 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 360 bps
|
| Rating: | Standard & Poor’s: BBB
|
|
|
| Class D notes
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| Amount: | $21.75 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 520 bps
|
| Rating: | Standard & Poor’s: BB
|
|
|
| Class E notes
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| Amount: | $10.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 575 bps
|
| Rating: | Standard & Poor’s: B
|
|
|
| Equity tranche
|
| Amount: | $41.95 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
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