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OCP CLO 2016-11 to redeem $456.5 million secured debt on Aug. 10
By Angela McDaniels
Tacoma, Wash., July 31 – OCP CLO 2016-11, Ltd. and OCP CLO 2016-11 LLC plan to redeem their $456.5 million of secured debt in whole from refinancing proceeds on Aug. 10, according to a notice to debtholders.
The redemption is being made at the direction of the holders of a majority of the subordinated securities.
The redemption price for the secured debt will be 100% of the outstanding amount plus accrued interest, including interest on any accrued deferred interest.
The redemption applies to the issuers’ $103 million of class A-1a notes, $207 million of class A-1L loans, $50 million of class A-2a notes, $18 million of class A-2b notes, $39.5 million of class B notes, $22 million of class C notes, $12 million of class D-1 notes, $5 million of class D-2 notes.
The preference shares and the subordinated notes will not be redeemed.
The redemption may be canceled subject to certain conditions.
The portfolio manager is Onex Credit Partners, LLC.
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