By Cristal Cody
Tupelo, Miss., Nov. 6 – Onex Credit Partners, LLC priced €437.2 million of notes due Jan. 15, 2032 in a new euro-denominated collateralized loan obligation offering, according to a market source and a company news release on Monday.
OCP Euro CLO 2017-2 DAC placed €245.4 million of class A senior secured floating-rate notes; €59.2 million of class B senior secured floating-rate notes; €26.2 million of class C senior secured deferrable floating-rate notes; €22.3 million of class D senior secured deferrable floating-rate notes; €24.1 million of class E senior secured deferrable floating-rate notes; €13.2 million of class F senior secured deferrable floating-rate notes and €46.8 million of subordinated notes.
J.P. Morgan Securities plc was the placement agent.
Onex Credit Partners will manage the CLO, which is structured to comply with U.S. and European risk retention rules.
Onex said it will purchase and hold a maturity of the equity for the life of the transaction.
Additional pricing details were not immediately available.
The deal is backed primarily by broadly syndicated euro-denominated senior secured leveraged loans.
Onex has priced two euro-denominated CLOs year to date.
The private equity firm is based in Toronto.
| Issuer: | OCP Euro CLO 2017-2 DAC
|
| Amount: | €437.2 million
|
| Maturity: | Jan. 15, 2032
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities plc
|
| Manager: | Onex Credit Partners, LLC
|
| Announcement date: | Nov. 6
|
| Settlement date: | Dec. 14
|
|
|
| Class A notes
|
| Amount: | €245.4 million
|
| Securities: | Senior secured floating-rate notes
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class B notes
|
| Amount: | €59.2 million
|
| Securities: | Senior secured floating-rate notes
|
| Ratings: | Moody’s: Aa2
|
| S&P: AA
|
|
|
| Class C notes
|
| Amount: | €26.2 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Ratings: | Moody’s: A2
|
| S&P: A
|
|
|
| Class D notes
|
| Amount: | €22.3 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Ratings: | Moody’s: Baa2
|
| S&P: BBB
|
|
|
| Class E notes
|
| Amount: | €24.1 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Ratings: | Moody’s: Ba2
|
| S&P: BB
|
|
|
| Class F notes
|
| Amount: | €13.2 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Ratings: | Moody’s: B2
|
| S&P: B-
|
|
|
| Equity
|
| Amount: | €46.8 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
|
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