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Sculptor Loan Management eyes second refinancing of vintage 2013 OZLM III CLO
By Cristal Cody
Tupelo, Miss., Oct. 1 – Sculptor Loan Management LP, formerly known as Och-Ziff Loan Management LP, intends to price a second refinancing of a vintage 2013 collateralized loan obligation transaction, according to a notice of proposed fourth supplemental indenture on Monday.
The OZLM Funding III, Ltd./OZLM Funding III, LLC transaction will include class A-1 floating-rate notes (expected ratings Aaa/AAA), class A-2 floating-rate notes (expected rating AA), class B floating-rate notes (expected rating A), class C floating-rate notes (expected rating BBB), class D floating-rate notes (expected rating BB) and $70 million of subordinated notes.
Barclays is the refinancing placement agent of the Rule 144A and Regulation S deal.
Sculptor Loan will manage the CLO.
The notes are due Jan. 22, 2029.
The CLO was originally issued Feb. 20, 2013 and was first refinanced in a $583.26 million offering on Dec. 8, 2016.
In the first refinancing, the CLO had priced $396.5 million of class A-1R floating-rate notes at Libor plus 155 basis points, $78.88 million of class A-2-R floating-rate notes at Libor plus 210 bps, $47.38 million of class B-R floating-rate notes at Libor plus 300 bps, $30.5 million of class C-R floating-rate notes at Libor plus 440 bps and $30 million of class D-R floating-rate notes at Libor plus 810 bps. The notes priced at par.
The CLO is collateralized primarily by broadly syndicated first-lien senior secured corporate loans.
Proceeds will be used to redeem the outstanding notes.
New York-based Sculptor changed its name in September. The firm is part of Sculptor Capital Management, Inc.
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