Chicago, Aug. 12 – Oaktree Capital Management LP sold $407.3 million in a collateralized loan obligation being issued by Oaktree CLO 2021-1 Ltd./Oaktree CLO 2021-1 LLC, according to a pre-sale report.
The notes will mature on July 15, 2034.
The CLO consists of $252 million of class A-1 senior secured floating-rate notes at Libor plus 116 basis points, $8 million of class A-2 senior secured floating-rate notes at Libor plus 145 bps, $44 million of class B senior secured floating-rate notes at Libor plus 170 bps, $24 million of class C senior secured deferrable floating-rate notes at Libor plus 195 bps, $24 million of class D senior secured deferrable floating-rate notes at Libor plus 325 bps, $15 million of class E senior secured deferrable floating-rate notes at Libor plus 642 bps, $5 million of class F senior secured deferrable floating-rate notes at Libor plus 779 bps and $35.3 million of subordinated notes.
Oaktree Capital Management LP will manage the collateral through the end of the reinvestment period on July 15, 2026.
The notes can be called starting July 15, 2023.
Morgan Stanley & Co. LLC was the placement agent.
The Los Angeles-based asset management firm is a subsidiary of Oaktree Capital Group, LLC.
| Issuer: | Oaktree CLO 2021-1 Ltd./Oaktree CLO 2021-1 LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $407.3 million
|
| Maturity: | July 15, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | Morgan Stanley & Co. LLC
|
| Manager: | Oaktree Capital Management LP
|
| Call feature: | July 15, 2023
|
| Settlement date: | July 9
|
|
|
| Class A-1 notes
|
| Amount: | $252 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 116 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $8 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 145 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $44 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 195 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 325 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $15 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 642 bps
|
| Rating: | S&P: BB-
|
|
|
| Class F notes
|
| Amount: | $5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 779 bps
|
| Rating: | S&P: B-
|
|
|
| Subordinated notes
|
| Amount: | $35.3 million
|
| Securities: | Subordinated notes
|
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