By Cristal Cody
Tupelo, Miss., June 1 – Onex Credit Partners, LLC priced $614.1 million of notes due July 20, 2031 in the OCP CLO 2018-15 Ltd./OCP CLO 2018-15 LLC deal, according to a market source.
The CLO sold $369 million of class A-1 floating-rate notes at Libor plus 110 basis points; $21 million of class A-2 floating-rate notes at Libor plus 135 bps; $63 million of class A-3 floating-rate notes at Libor plus 170 bps; $42 million of class B deferrable floating-rate notes at Libor plus 200 bps; $33 million of class C deferrable floating-rate notes at Libor plus 295 bps; $22.2 million of class D deferrable floating-rate notes at Libor plus 585 bps and $63.9 million of subordinated notes.
BofA Merrill Lynch was the placement agent.
Onex will manage the CLO.
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 corporate loans.
The deal is the Toronto-based private equity firm’s first new CLO transaction of 2018.
| Issuer: | OCP CLO 2018-15 Ltd./OCP CLO 2018-15 LLC
|
| Amount: | $614.1 million
|
| Maturity: | July 20, 2031
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Merrill Lynch
|
| Manager: | Onex Credit Partners, LLC
|
| Call feature: | July 20, 2020
|
| Pricing date: | May 23
|
| Settlement date: | June 21
|
|
|
| Class A-1 notes
|
| Amount: | $369 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 119 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $21 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 135 bps
|
| Rating: | S&P: Non-rated
|
|
|
| Class A-3 notes
|
| Amount: | $63 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Rating: | S&P: AA
|
|
|
| Class B notes
|
| Amount: | $42 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Rating: | S&P: A
|
|
|
| Class C notes
|
| Amount: | $33 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 295 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class D notes
|
| Amount: | $22.2 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 585 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $63.9 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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