By Cristal Cody
Tupelo, Miss., June 19 – Onex Corp. announced on Monday that Onex Credit Partners, LLC priced about $610 million of notes due July 15, 2030 in its 13th collateralized loan obligation deal.
The OCP CLO 2017-13 Ltd./OCP CLO 2017-13 LLC transaction was upsized from an expected $508.2 million offering.
Natixis Securities Americas LLC was the placement agent.
Onex Credit Partners will manage the CLO.
The deal was expected to include eight tranches of fixed-rate, floating-rate and subordinated notes. Final pricing details were not available by press time.
Onex said it has committed to purchase and hold a majority of the equity for the life of the transaction.
The CLO has a two-year non-call period and a five-year reinvestment period.
The notes are backed primarily by broadly syndicated senior secured loans. The deal is structured to be compliant with U.S. and European risk-retention rules.
Onex has priced one new dollar-denominated CLO year to date.
The private equity firm is based in Toronto.
| Issuer: | OCP CLO 2017-13 Ltd./OCP CLO 2017-13 LLC
|
| Amount: | $610 million
|
| Maturity: | July 15, 2030
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
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| Placement agent: | Natixis Securities Americas LLC
|
| Manager: | Onex Credit Partners, LLC
|
| Call feature: | Two years
|
| Pricing date: | June 19
|
| Settlement date: | July 19
|
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