By Cristal Cody
Eureka Springs, Ark., April 27 – Onex Credit Partners, LLC priced $501.6 million of notes due May 15, 2028 in a new collateralized loan obligation offering, a market source said.
The OCP 2016-11 Ltd./OCP CLO 2016-11 Corp. vehicle sold $310 million of class A-1 floating-rate notes at a discount margin of Libor plus 159 basis points; $68 million of class A-2 floating-rate notes at a discount margin of Libor plus 245 bps; $39.5 million of class B deferrable floating-rate notes at a discount margin of Libor plus 345 bps; $25 million of class C deferrable floating-rate notes at a discount margin of Libor plus 600 bps; $14 million of class D deferrable floating-rate notes at a discount margin of Libor plus 900 bps and $44.45 million of subordinated notes.
Citigroup Global Markets Inc. arranged the offering.
Onex Credit Partners will manage the CLO.
The CLO is non-callable until May 15, 2017. The reinvestment period ends May 15, 2018.
The deal is backed primarily by broadly syndicated senior secured corporate loans.
Onex Credit Partners, a Toronto-based private equity firm, priced three CLO deals in 2015.
| Issuer: | OCP 2016-11 Ltd./OCP CLO 2016-11 Corp.
|
| Amount: | $501.6 million
|
| Maturity: | May 15, 2028
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | Onex Credit Partners, LLC
|
| Call feature: | May 15, 2017
|
| Pricing date: | April 22
|
| Settlement date: | May 15
|
|
|
| Class A-1 notes
|
| Amount: | $310 million
|
| Securities: | Floating-rate notes
|
| Discount margin: | Libor plus 159 bps
|
| Rating: | Standard & Poor’s: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $68 million
|
| Securities: | Floating-rate notes
|
| Discount margin: | Libor plus 245 bps
|
| Rating: | Standard & Poor’s: AA
|
|
|
| Class B notes
|
| Amount: | $39.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Discount margin: | Libor plus 345 bps
|
| Rating: | Standard & Poor’s: A
|
|
|
| Class C notes
|
| Amount: | $25 million
|
| Securities: | Deferrable floating-rate notes
|
| Discount margin: | Libor plus 600 bps
|
| Rating: | Standard & Poor’s: BBB-
|
|
|
| Class D notes
|
| Amount: | $14 million
|
| Securities: | Deferrable floating-rate notes
|
| Discount margin: | Libor plus 900 bps
|
| Rating: | Standard & Poor’s: BB-
|
|
|
| Equity
|
| Amount: | $44.45 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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