By Cristal Cody
Tupelo, Miss., April 8 – Onex Credit Partners, LLC priced €431.4 million of notes due April 2030 in its first euro-denominated collateralized loan obligation offering of 2019, according to a market source and a news release from parent company Onex Corp. on Monday.
OCP Euro CLO 2019-3 DAC sold €255 million of class A senior secured floating-rate notes at Euribor plus 94 basis points, €39.9 million of class B-1 senior secured floating-rate notes at Euribor plus 180 bps and €15 million of 2.45% class B-2 senior secured fixed-rate notes.
The CLO also sold €25.5 million of class C senior secured deferrable floating-rate notes at Euribor plus 250 bps; €24.4 million of class D senior secured deferrable floating-rate notes at Euribor plus 380 bps; €23.6 million of class E senior secured deferrable floating-rate notes at Euribor plus 585 bps; €10.1 million of class F senior secured deferrable floating-rate notes at Euribor plus 830 bps and €37.9 million of subordinated notes.
J.P. Morgan Securities plc was the placement agent.
Onex Credit Partners will manage the CLO.
The deal is backed primarily by broadly syndicated secured senior leveraged loans.
Onex Credit Partners has priced one dollar-denominated CLO and one euro-denominated deal year to date.
The private equity firm is based in Toronto.
| Issuer: | OCP Euro CLO 2019-3 DAC
|
| Amount: | €431.4 million
|
| Maturity: | April 2030
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities plc
|
| Manager: | Onex Credit Partners, LLC
|
| Announcement date: | April 8
|
| Settlement date: | May 17
|
|
|
| Class A notes
|
| Amount: | €255 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 94 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | €39.9 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 180 bps
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class B-2 notes
|
| Amount: | €15 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.45%
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class C notes
|
| Amount: | €25.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 250 bps
|
| Ratings: | Moody’s: A2
|
| Fitch: A
|
|
|
| Class D notes
|
| Amount: | €24.4 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 380 bps
|
| Ratings: | Moody’s: Baa2
|
| Fitch: BBB
|
|
|
| Class E notes
|
| Amount: | €23.6 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 585 bps
|
| Ratings: | Moody’s: Ba2
|
| Fitch: BB-
|
|
|
| Class F notes
|
| Amount: | €10.1 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 830 bps
|
| Ratings: | Moody’s: B2
|
| Fitch: B-
|
|
|
| Equity
|
| Amount: | €37.9 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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