By Cristal Cody
Tupelo, Miss., April 11 – Onex Credit Partners, LLC amended and upsized a vintage 2013 collateralized loan obligation in a refinancing transaction, according to a news release on Tuesday from parent Onex Corp.
Onex increased the size of the OCP CLO 2013-4 Ltd./OCP CLO 2013-4 Corp. deal by $105 million to about $600 million.
The refinanced CLO also extended the reinvestment period by four years.
In the original transaction priced in October 2013, OCP CLO 2013-4 sold $294,125,000 of class A-1A senior secured floating-rate notes at Libor plus 140 basis points; $14.5 million of 3.298% class A-1B senior secured fixed-rate notes; $56 million of class A-2 senior secured floating-rate notes at Libor plus 180 bps; $45,125,000 of class B deferrable floating-rate notes at Libor plus 275 bps; $31,125,000 of class C deferrable floating-rate notes at Libor plus 375 bps; $20,625,000 of class D deferrable floating-rate notes at Libor plus 500 bps; $12.5 million of class E deferrable floating-rate notes at Libor plus 560 bps and $39.85 million of subordinated notes.
The notes are due Oct. 24, 2025.
Following the closing of the refinancing, Onex Credit will manage about $8 billion, according to the release.
Onex Credit Partners is the credit investing arm of Toronto-based private equity firm Onex.
| Issuer: | OCP CLO 2013-4 Ltd./OCP CLO 2013-4 Corp.
|
| Amount: | $600 million refinancing
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| Maturity: | Oct. 24, 2025
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| Structure: | Cash flow CLO
|
| Manager: | Onex Credit Partners, LLC
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| Announcement date: | April 11
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