By Cristal Cody
Tupelo, Miss., Dec. 10 – Onex Credit Partners, LLC priced €363.45 million of notes in a refinancing and reset of a vintage 2017 euro-denominated collateralized loan obligation offering, according to market sources.
OCP Euro CLO 2017-1 DAC sold €1.5 million of class X senior secured floating-rate notes at Euribor plus 50 basis points, €218.7 million of class A senior secured floating-rate notes at Euribor plus 100 bps and €34.7 million of class B senior secured floating-rate notes at Euribor plus 180 bps.
The CLO sold €20.5 million of class C senior secured deferrable floating-rate notes at Euribor plus 250 bps; €22.6 million of class D senior secured deferrable floating-rate notes at Euribor plus 450 bps; €19.2 million of class E senior secured deferrable floating-rate notes at Euribor plus 675 bps; €8 million of class F senior secured deferrable floating-rate notes at Euribor plus 885 bps and €38.25 million of new subordinated notes.
J.P. Morgan Securities plc was the refinancing placement agent.
Onex Credit Partners Europe LLP will manage the CLO.
The maturity on the refinanced notes was extended to January 2033 from June 18, 2030.
The CLO has a 4.5-year reinvestment period and an 8.5-year weighted average life.
In the original €360.75 million offering issued May 11, 2017, the CLO priced €202.25 million of class A senior secured floating-rate notes at Euribor plus 90 bps; €49.75 million of class B senior secured floating-rate notes at Euribor plus 165 bps; €21 million of class C senior secured deferrable floating-rate notes at Euribor plus 220 bps; €17.5 million of class D senior secured deferrable floating-rate notes at Euribor plus 330 bps; €22.75 million of class E senior secured deferrable floating-rate notes at Euribor plus 535 bps; €9.25 million of class F senior secured deferrable floating-rate notes at Euribor plus 715 bps and €38.25 million of subordinated notes.
Proceeds will be used to redeem the outstanding notes.
The deal is backed primarily by broadly syndicated senior secured loans and senior secured bonds.
Onex Credit Partners is a private equity firm based in Toronto.
| Issuer: | OCP Euro CLO 2017-1 DAC
|
| Amount: | €363.45 million refinancing
|
| Maturity: | January 2033
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | J.P. Morgan Securities plc
|
| Manager: | Onex Credit Partners Europe LLP
|
| Settlement date: | Dec. 18
|
|
|
| Class X notes
|
| Amount: | €1.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 50 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class A notes
|
| Amount: | €218.7 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 100 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class B notes
|
| Amount: | €34.7 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 180 bps
|
| Ratings: | Moody’s: Aa2
|
| S&P: AA
|
|
|
| Class C notes
|
| Amount: | €20.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 250 bps
|
| Ratings: | Moody’s: A2
|
| S&P: A
|
|
|
| Class D notes
|
| Amount: | €22.6 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 450 bps
|
| Ratings: | Moody’s: Baa3
|
| S&P: BBB
|
|
|
| Class E notes
|
| Amount: | €19.2 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 675 bps
|
| Ratings: | Moody’s: Ba3
|
| S&P: BB
|
|
|
| Class F notes
|
| Amount: | €8 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 885 bps
|
| Ratings: | Moody’s: B3
|
| S&P: B-
|
|
|
| Subordinated notes
|
| Amount: | €38.25 million
|
| Securities: | Subordinated notes
|
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