By Cristal Cody
Tupelo, Miss., May 27 – Oaktree Capital Management LP sold $386.4 million of notes due July 15, 2029 in a new collateralized loan obligation offering, according to market sources.
Oaktree CLO 2020-1 Ltd./Oaktree CLO 2020-1 LLC priced $244 million of class A floating-rate notes at Libor plus 200 basis points and $56 million of class B floating-rate notes at Libor plus 259 bps.
The CLO also sold $26 million of class C deferrable floating-rate notes at Libor plus 335 bps, $14 million of class D deferrable floating-rate notes at Libor plus 506 bps, $16 million of class E deferrable floating-rate notes at Libor plus 591 bps and $30.4 million of subordinated notes.
Barclays was the placement agent.
The CLO has a one-year non-call period and a one-year reinvestment period.
The deal is collateralized primarily by broadly syndicated senior secured corporate loans.
Oaktree CLO 2020-1 is the manager’s first CLO transaction of the year.
Oaktree priced three new CLOs and refinanced one vintage CLO in 2019.
The Los Angeles-based asset management firm is a subsidiary of Oaktree Capital Group, LLC.
| Issuer: | Oaktree CLO 2020-1 Ltd./Oaktree CLO 2020-1 LLC
|
| Amount: | $386.4 million
|
| Maturity: | July 15, 2029
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays
|
| Manager: | Oaktree Capital Management LP
|
| Call feature: | One year
|
| Pricing date: | May 14
|
| Settlement date: | June 19
|
|
|
| Class A notes
|
| Amount: | $244 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $56 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 259 bps
|
| Rating: | S&P: AAA
|
|
|
| Class C notes
|
| Amount: | $26 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 335 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $14 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 506 bps
|
| Rating: | S&P: BBB
|
|
|
| Class E notes
|
| Amount: | $16 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 591 bps
|
| Rating: | S&P: BB
|
|
|
| Equity
|
| Amount: | $30.4 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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