Chicago, July 11 – Onex Credit Partners LLC sold $474.65 million in a collateralized loan obligation being issued by OCP CLO 2023-28 Ltd./OCP CLO 2023-28 LLC, according to a presale report.
The notes will mature on July 16, 2036.
The CLO consists of $299.25 million of class A senior secured floating-rate notes at SOFR plus 183 basis points, $61.75 million of class B senior secured floating-rate notes at SOFR plus 265 bps, $27.3125 million of class C senior secured deferrable floating-rate notes at SOFR plus 315 bps, $27.3125 million of class D senior secured deferrable floating-rate notes at SOFR plus 535 bps, $16.625 million of class E senior secured deferrable floating-rate notes at SOFR plus 840 bps and $42.4 million of subordinated notes.
Onex Credit Partners LLC will manage the collateral through the end of the reinvestment period on July 16, 2028.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting July 16, 2025.
BofA Securities Inc. was the placement agent.
Onex is a Toronto-based private equity firm.
| Issuer: | OCP CLO 2023-28 Ltd./OCP CLO 2023-28 LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $474.65 million
|
| Maturity: | July 16, 2036
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Securities Inc.
|
| Manager: | Onex Credit Partners LLC
|
| Call feature: | July 16, 2025
|
| Settlement date: | Aug. 17
|
|
|
| Class A notes
|
| Amount: | $299.25 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 183 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $61.75 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 265 bps
|
| Rating: | S&P: AA+
|
|
|
| Class C notes
|
| Amount: | $27.3125 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 315 bps
|
| Rating: | S&P: A+
|
|
|
| Class D notes
|
| Amount: | $27.3125 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 535 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $16.625 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 840 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $42.4 million
|
| Securities: | Subordinated notes
|
|
|
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