Chicago, June 9 – Oaktree Capital Management LP refinanced and extended the now $408.42 million collateralized loan obligation transaction issued in June 2020 by Oaktree CLO 2020-1 Ltd./Oaktree CLO 2020-1 LLC, according to a pre-sale report.
The notes will now be due July 15, 2034, pushed back from July 15, 2029.
The notes had just one year of call protection initially, explaining the early refinancing.
The refinancing notes are the $256.64 million of class A-R senior secured floating-rate notes at Libor plus 115 basis points, $48.12 million of class B-R senior secured floating-rate notes at Libor plus 165 bps, $20.05 million of class C-R senior secured deferrable floating-rate notes at Libor plus 195 bps, $26.065 million of class D-R senior secured deferrable floating-rate notes at Libor plus 315 bps and $17.043 million of class E-R senior secured deferrable floating-rate notes at Libor plus 651 bps.
There are also now $40.5 million of subordinated notes.
A year ago, the CLO sold $244 million of class A floating-rate notes at Libor plus 200 bps and $56 million of class B floating-rate notes at Libor plus 259 bps.
The CLO also originally 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 is the initial purchaser.
The refinancing notes can be called after two years.
The reinvestment period ends July 15, 2026.
Oaktree will manage the collateral through that time, mostly broadly syndicated speculative-grade senior secured term loans.
The Los Angeles-based asset management firm is a subsidiary of Oaktree Capital Group, LLC.
| Issuers: | Oaktree CLO 2020-1 Ltd./Oaktree CLO 2020-1 LLC
|
| Issue: | Floating-rate and subordinated notes
|
| Amount: | $408,417,500
|
| Maturity: | July 15, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays
|
| Manager: | Oaktree Capital Management LP
|
| Call feature: | July 15, 2023
|
| Settlement date: | June 21
|
|
|
| Class A-R notes
|
| Amount: | $256.64 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 115 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | $48.12 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $20.05 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 195 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $26.065 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 315 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R notes
|
| Amount: | $17.043 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 651 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $40.5 million
|
| Securities: | Subordinated notes
|
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