By Rebecca Melvin
New York, April 21 – Onex Credit Partners, LLC priced a $764 million private placement collateralized loan obligation offering of notes due April 17, 2027, according to a market source.
The deal was initially talked at $510 million of notes.
The OCP CLO 2015-8 Ltd./OCP CLO 2015-8 Corp. deal includes $472.5 million of class A-1 notes (Aaa/AAA/) at Libor plus 153 basis points; $77.5 million of class A-2a notes (/AA/) at Libor plus 210 bps; $20 million of class A-2b fixed-rate notes at 4% (/AA/); $48 million of class B notes (/A/) at Libor plus 305 bps; $37.5 million of class C notes (/BBB/) at Libor plus 365 bps; $34.5 million of class D notes (/BB/) at Libor plus 550 bps (/BB/); $15 million of class E notes (/B/) at Libor plus 600 bps; and $59 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.
| Issuer: | OCP CLO 2015-8 Ltd./OCP CLO 2015-8 Corp.
|
| Amount: | $764 million
|
| Maturity: | April 17, 2027
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Merrill Lynch
|
| Manager: | Onex Credit Partners, LLC
|
| Call feature: | 2017
|
| Pricing date: | April 17
|
| Settlement date: | April 30
|
| Distribution: | Private placement
|
|
|
| Class A-1 notes
|
| Amount: | $472.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 153 bps
|
| Ratings: | Moody’s: Aaa
|
| Standard & Poor’s: AAA
|
|
|
| Class A-2a notes
|
| Amount: | $77.5 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: | $20 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 4%
|
| Rating: | Standard & Poor’s: AA
|
|
|
| Class B notes
|
| Amount: | $48 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 305 bps
|
| Rating: | Standard & Poor’s: A
|
|
|
| Class C notes
|
| Amount: | $37.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 365 bps
|
| Rating: | Standard & Poor’s: BBB
|
|
|
| Class D notes
|
| Amount: | $34.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 550 bps
|
| Rating: | Standard & Poor’s: BB
|
|
|
| Class E notes
|
| Amount: | $15 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 600 bps
|
| Rating: | Standard & Poor’s: B
|
|
|
| Equity tranche
|
| Amount: | $59 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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