Onex prices $615 million CLO; Saranac refinances $358.5 million; CSAM resets 2016 CLO

By Cristal Cody

Tupelo, Miss., May 24 – In new CLO issuance, Onex Corp. announced on Thursday that affiliate Onex Credit Partners, LLC priced approximately $615 million of notes in the manager’s 15th CLO deal.

In other pricing action, Saranac Advisory, Ltd. priced a $358.5 million refinancing and reset of a 2014 CLO.

Also, Credit Suisse Asset Management Ltd. refinanced €418.5 million of notes from a vintage 2016 European CLO.

More than $51 billion of vintage CLOs have been refinanced year to date in the U.S. market, while about €7 billion of European CLOs have been repriced and/or reset year to date, according to market sources.

Onex places 2018-15 CLO

Onex Credit Partners priced approximately $615 million of notes in the OCP CLO 2018-15 Ltd./OCP CLO 2018-15 LLC transaction, according to the release.

Additional pricing details were not immediately available.

The deal is Onex Credit Partners’ first CLO offering of the year. In 2017, Onex priced two new CLOs.

The private equity firm is based in Toronto.

Saranac reprices CLO

Saranac Advisory priced a $358.5 million refinancing and reset of Saranac CLO III Ltd./Saranac CLO III LLC, according to a market source and a notice of executed first supplemental indenture.

The CLO sold $161 million of class A-LR senior secured floating-rate notes at Libor plus 110 basis points at the top of the capital stack. The notes will step up on the payment date in June 2020 to Libor plus 160 bps.

Jefferies LLC was the arranger.

The maturity on the refinanced notes was extended to June 24, 2030 from the original June 23, 2025 maturity.

Saranac originally issued the $399.75 million Saranac CLO III deal Aug. 28, 2014. The CLO had sold $164 million of class A-1 senior secured floating-rate notes at Libor plus 148 bps.

Saranac is an affiliate of Canaras Capital Management, LLC, a New York City-based investment management firm.

CSAM taps market

Credit Suisse Asset Management priced €418.5 million of notes in a refinancing and reset of the Cadogan Square CLO VII BV offering, according to a market source and a notice to noteholders.

Cadogan Square CLO VII priced €272 million of class A senior secured floating-rate notes at par to yield Euribor plus 78 bps in the AAA-rated tranche.

Morgan Stanley & Co. International plc arranged the transaction.

The maturity on the notes was extended to May 26, 2031 from the original May 25, 2029 maturity.

The €411.65 million CLO originally was issued May 19, 2016. Cadogan Square CLO VII had priced €241 million of class A senior secured floating-rate notes at Euribor plus 150 bps.

Credit Suisse Asset Management, a subsidiary of Zurich-based Credit Suisse AG, priced two euro-denominated CLOs in 2017.

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