By Sarah Lizee
Olympia, Wash., March 5 – OFS Capital Management LLC priced $400 million of notes due March 20, 2025 in a refinancing of a vintage 2014 broadly syndicated collateralized loan obligation transaction, according to a notice of executed supplemental indenture.
OFSI Fund VI, Ltd./OFSI Fund VI, LLC sold $232 million of class A-1R senior secured floating-rate notes at Libor plus 65 bps; $51 million of class A-2R senior secured floating-rate notes at Libor plus 113 bps; $30 million of class B-R senior secured deferrable floating-rate notes at Libor plus 150 bps; $20.5 million of class C-R secured deferrable floating-rate notes at Libor plus 250 bps; $14 million of class D secured deferrable floating-rate notes at Libor plus 485 bps; $11.5 million of class E secured deferrable floating-rate notes at Libor plus 535 bps and $41 million of subordinated notes.
Nomura Securities International, Inc. was the refinancing agent.
OFS Capital Management is the CLO manager.
Proceeds were used to redeem the class A-1 senior secured floating-rate notes, class A-2 senior secured floating-rate notes, the class B senior secured deferrable floating rate notes and the class C senior secured deferrable floating rate notes.
The CLO manager is a Chicago-based investment subsidiary of Orchard First Source Asset Management LLC.
| Issuer: | OFSI Fund VI, Ltd./OFSI Fund VI, LLC
|
| Amount: | $400 million refinancing
|
| Maturity: | March 20, 2025
|
| Securities: | Floating-rate, combination and subordinated notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Nomura Securities International, Inc.
|
| Manager: | OFS Capital Management LLC
|
| Settlement date: | March 1
|
|
|
| Class A-1R notes
|
| Amount: | $232 million
|
| Securities: | Senior secured floating-rate notes
|
| Discount margin: | Libor plus 65 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class A-2R notes
|
| Amount: | $51 million
|
| Securities: | Senior secured floating-rate notes
|
| Discount margin: | Libor plus 113 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-R notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Discount margin: | Libor plus 150 bps
|
| Rating: | S&P: A
|
|
|
| Class C-R notes
|
| Amount: | $20.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Discount margin: | Libor plus 250 bps
|
| Rating: | S&P: BBB
|
|
|
| Class D notes
|
| Amount: | $14 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Discount margin: | Libor plus 485 bps
|
| Rating: | S&P: BB
|
|
|
| Class E notes
|
| Amount: | $11.5 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Discount margin: | Libor plus 535 bps
|
| Rating: | S&P: B
|
|
|
| Equity
|
| Amount: | $41 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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