Chicago, June 2 – Five Arrows Managers North America LLC sold $363.5 million in a collateralized loan obligation being issued by Ocean Trails CLO XII Ltd./Ocean Trails CLO XII LLC, according to a presale report.
The notes will mature on July 20, 2035.
The CLO consists of $220.5 million of class A-1 floating-rate notes at SOFR plus 159 basis points, $8 million of class A-2 floating-rate notes at SOFR plus 180 bps, $20 million of class B-1 floating-rate notes at SOFR plus 210 bps, $25.1 million of class B-2 4.64% fixed-rate notes, $19.44 million of class C floating-rate notes at SOFR plus 300 bps, $14.76 million of class D-1 floating-rate notes at SOFR plus 400 bps, $6.12 million of class D-2 floating-rate notes at SOFR plus 618 bps, $12.96 million of class E floating-rate notes at SOFR plus 811 bps, $ million of class senior secured deferrable floating-rate notes at SOFR plus bps, $ million of class senior secured floating-rate notes at SOFR plus bps, $ million of class senior deferrable floating-rate notes at SOFR plus bps, $ million of class senior deferrable floating-rate notes at SOFR plus bps, and$36.62 million of subordinated notes.
Five Arrows Managers North America LLC will manage the collateral through the end of the reinvestment period on July 20, 2027.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting June 16, 2024.
J.P. Morgan Securities LLC was the placement agent.
| Issuer: | Ocean Trails CLO XII Ltd./Ocean Trails CLO XII LLC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $363.5 million
|
| Maturity: | July 20, 2035
|
| Structure: | Cash flow CLO
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| Placement agent: | J.P. Morgan Securities LLC
|
| Manager: | Five Arrows Managers North America LLC
|
| Call feature: | June 16, 2024
|
| Settlement date: | June 16
|
|
|
| Class A-1 notes
|
| Amount: | $220.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | SOFR plus 159 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
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| Amount: | $8 million
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| Securities: | Floating-rate notes
|
| Coupon: | SOFR plus 180 bps
|
|
|
| Class B-1 notes
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| Amount: | $20 million
|
| Securities: | Floating-rate notes
|
| Coupon: | SOFR plus 210 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-2 notes
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| Amount: | $25.1 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 4.64%
|
| Rating: | S&P: AA
|
|
|
| Class C notes
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| Amount: | $19.44 million
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| Securities: | Floating-rate notes
|
| Coupon: | SOFR plus 300 bps
|
| Rating: | S&P: A
|
|
|
| Class D-1 notes
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| Amount: | $14.76 million
|
| Securities: | Floating-rate notes
|
| Coupon: | SOFR plus 400 bps
|
| Rating: | S&P: BBB+
|
|
|
| Class D-2 notes
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| Amount: | $6.12 million
|
| Securities: | Floating-rate notes
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| Coupon: | SOFR plus 618 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
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| Amount: | $12.96 million
|
| Securities: | Floating-rate notes
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| Coupon: | SOFR plus 811 bps
|
|
|
| Subordinated notes
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| Amount: | $36.62 million
|
| Securities: | Subordinated notes
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