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Onex Credit Partners preps $510 million OCP CLO 2015-8 deal
By Cristal Cody
Tupelo, Miss., March 31 – Onex Credit Partners, LLC plans to price $510 million of notes due 2027 in a collateralized loan obligation offering, according to a market source.
The OCP CLO 2015-8 Ltd./OCP CLO 2015-8 Corp. deal includes $315 million of class A-1 notes (/AAA/); $35 million of class A-2a notes (/AA/); $30 million of class A-2b notes; $32 million of class B notes (/A/); $25 million of class C notes (/BBB/); $23 million of class D notes (/BB/); $10 million of class E notes (/B/); and $40 million of subordinated notes.
BofA Merrill Lynch is the placement agent.
Onex will manage the CLO.
The CLO has a two-year non-call period and a four-year reinvestment period.
The notes are backed primarily by a revolving pool of broadly syndicated senior secured loans.
Onex Credit Partners, the credit investing arm of Toronto-based Onex Corp., priced three CLO transactions in 2014.
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