By Cristal Cody
Tupelo, Miss., July 22 – Och-Ziff Loan Management LP refinanced $459 million of notes due July 22, 2027 in a vintage 2012 collateralized loan obligation transaction, according to a market source.
OZLM Funding, Ltd. sold $322.8 million of class A-1-R senior secured floating-rate notes at Libor plus 152 basis points, 2 bps wider than where the original notes priced.
The $58 million of class A-2-R senior secured floating-rate notes were sold at Libor plus 235 bps, better than where the notes originally priced at Libor plus 325 bps.
The CLO refinanced $37.5 million of class B-R senior secured deferrable floating-rate notes at Libor plus 300 bps. The notes originally priced at Libor plus 375 bps.
OZLM sold $19.1 million of class C-R senior secured deferrable floating-rate notes at Libor plus 430 bps, tighter than where the notes were first priced at Libor plus 500 bps.
In the final tranche, the CLO refinanced $21.6 million of class D-R secured deferrable floating-rate notes at Libor plus 670 bps. The notes originally priced at Libor plus 610 bps.
Morgan Stanley & Co. LLC was the refinancing agent.
Och-Ziff will manage the CLO, which is secured primarily by broadly syndicated first-lien senior secured corporate loans.
Proceeds from the deal were used to redeem the original notes.
Och-Ziff Loan Management has priced three new CLOs this year to date and brought four CLOs in 2014.
The firm is an affiliate of New York City-based alternative asset management Och-Ziff Capital Management Group LLC.
| Issuer: | OZLM Funding, Ltd.
|
| Amount: | $459 million refinancing
|
| Maturity: | July 22, 2027
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Morgan Stanley & Co. LLC
|
| Manager: | Och-Ziff Loan Management LP
|
| Settlement date: | July 22
|
|
|
| Class A-1-R notes
|
| Amount: | $322.8 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 152 bps
|
| Ratings: | Moody’s: Aaa
|
| Standard & Poor’s: AAA
|
|
|
| Class A-2-R notes
|
| Amount: | $58 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 235 bps
|
| Rating: | Standard & Poor’s: AA
|
|
|
| Class B-R notes
|
| Amount: | $37.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 300 bps
|
| Rating: | Standard & Poor’s: A
|
|
|
| Class C-R notes
|
| Amount: | $19.1 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 430 bps
|
| Rating: | Standard & Poor’s: BBB
|
|
|
| Class D-R notes
|
| Amount: | $21.6 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 670 bps
|
| Rating: | Standard & Poor’s: BB
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
