By Cristal Cody
Tupelo, Miss., April 10 – Onex Credit Partners, LLC priced €360.75 million of notes due June 18, 2030 in a new euro-denominated collateralized loan obligation offering, according to a market source.
OCP Euro CLO 2017-1 DAC placed €202.25 million of class A senior secured floating-rate notes at Euribor plus 90 basis points; €49.75 million of class B senior secured floating-rate notes at Euribor plus 165 bps; €21 million of class C senior secured deferrable floating-rate notes at Euribor plus 220 bps; €17.5 million of class D senior secured deferrable floating-rate notes at Euribor plus 330 bps; €22.75 million of class E senior secured deferrable floating-rate notes at Euribor plus 535 bps; €9.25 million of class F senior secured deferrable floating-rate notes at Euribor plus 715 bps and €38.25 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 loans and senior secured bonds.
Onex Credit Partners is a private equity firm based in Toronto.
| Issuer: | OCP Euro CLO 2017-1 DAC
|
| Amount: | €360.75 million
|
| Maturity: | June 18, 2030
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Merrill Lynch
|
| Manager: | Onex Credit Partners, LLC
|
| Call feature: | May 11, 2019
|
| Pricing date: | April 4
|
| Settlement date: | May 11
|
|
|
| Class A notes
|
| Amount: | €202.25 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 90 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class B notes
|
| Amount: | €49.75 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 165 bps
|
| Ratings: | Moody’s: Aa2
|
| S&P: AA
|
|
|
| Class C notes
|
| Amount: | €21 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 220 bps
|
| Ratings: | Moody’s: A2
|
| S&P: A
|
|
|
| Class D notes
|
| Amount: | €17.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 330 bps
|
| Ratings: | Moody’s: Baa2
|
| S&P: BBB
|
|
|
| Class E notes
|
| Amount: | €22.75 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 535 bps
|
| Ratings: | Moody’s: Ba2
|
| S&P: BB
|
|
|
| Class F notes
|
| Amount: | €9.25 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 715 bps
|
| Ratings: | Moody’s: B2
|
| S&P: B-
|
|
|
| Equity
|
| Amount: | €38.25 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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