By Cristal Cody
Tupelo, Miss., Feb. 26 – Onex Credit Partners, LLC priced $505.1 million of notes due Jan. 20, 2032 in the OCP CLO 2019-16 Ltd./OCP CLO 2019-16 LLC transaction, according to a market source.
The CLO sold $163.93 million of class A-1 senior secured floating-rate notes at Libor plus 140 basis points, $20 million of 4.288% class A-2 senior secured fixed-rate notes and $30 million of class B senior secured floating-rate notes at Libor plus 185 bps.
OCP CLO priced $50 million of class C deferrable floating-rate notes at Libor plus 320 bps; $35 million of class D deferrable floating-rate notes at Libor plus 410 bps; $17 million of class E deferrable floating-rate notes at Libor plus 662 bps and $48.1 million of subordinated notes.
Natixis Securities Americas LLC 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 CLO offering of 2019.
| Issuer: | OCP CLO 2019-16 Ltd./OCP CLO 2019-16 LLC
|
| Amount: | $505.1 million
|
| Maturity: | Jan. 20, 2032
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Natixis Securities Americas LLC
|
| Manager: | Onex Credit Partners, LLC
|
| Call feature: | Two years
|
| Pricing date: | Feb. 22
|
| Settlement date: | March 20
|
|
|
| Class A-1 notes
|
| Amount: | $305 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 140 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $20 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 4.288%
|
| Ratings: | Moody’s: Aaa
|
| S&P: Non-rated
|
|
|
| Class B notes
|
| Amount: | $30 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 185 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $50 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 320 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $35 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 410 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $17 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 662 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $48.1 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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