By Cristal Cody
Eureka Springs, Ark., Sept. 26 – Onex Credit Partners, LLC priced $557.75 million of notes due Oct. 18, 2028 in its second collateralized loan obligation offering in 2016, according to a market source.
OCP CLO 2016-12 Ltd./OCP CLO 2016-12 Corp. placed $341 million of class A-1 senior secured floating-rate notes at Libor plus 157 basis points; $71.5 million of class A-2 senior secured floating-rate notes at Libor plus 200 bps; $38.5 million of class B senior secured deferrable floating-rate notes at Libor plus 290 bps; $27.5 million of class C senior secured deferrable floating-rate notes at Libor plus 415 bps; $22 million of class D senior secured deferrable floating-rate notes at Libor plus 610 bps and $57.25 million of subordinated notes.
BofA Merrill Lynch 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.
The deal is backed primarily by broadly syndicated senior secured term loans.
Onex Credit Partners has priced two CLOs year to date and brought three CLOs to market in 2015.
The private equity firm is based in Toronto.
| Issuer: | OCP CLO 2016-12 Ltd./OCP CLO 2016-12 Corp.
|
| Amount: | $557.75 million
|
| Maturity: | Oct. 18, 2028
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Merrill Lynch
|
| Manager: | Onex Credit Partners, LLC
|
| Call feature: | Oct. 18, 2018
|
| Pricing date: | Sept. 16
|
| Settlement date: | Oct. 14
|
|
|
| Class A-1 notes
|
| Amount: | $341 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 157 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $71.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Rating: | S&P: AA
|
|
|
| Class B notes
|
| Amount: | $38.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 290 bps
|
| Rating: | S&P: A
|
|
|
| Class C notes
|
| Amount: | $27.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 415 bps
|
| Rating: | S&P: BBB
|
|
|
| Class D notes
|
| Amount: | $22 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 610 bps
|
| Rating: | S&P: BB
|
|
|
| Equity
|
| Amount: | $57.25 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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