By Cristal Cody
Tupelo, Miss., June 9 – Onex Credit Partners, LLC priced $757.05 million of notes due June 15, 2027 in the OCP CLO 2015-9 Ltd./OCP CLO 2015-9 Corp., according to details from a market source.
The CLO priced $470 million of class A-1 floating-rate notes at Libor plus 150 basis points; $101.5 million of class A-2 floating-rate notes at Libor plus 200 bps; $46 million of class B deferrable floating-rate notes at Libor plus 290 bps; $37 million of class C deferrable floating-rate notes at Libor plus 370 bps; $35 million of class D deferrable floating-rate notes at Libor plus 545 bps; $7.5 million of class E deferrable floating-rate notes at Libor plus 640 bps and $60.05 million of subordinated notes.
Citigroup Global Markets Inc. was the placement agent.
Onex will manage the CLO.
The CLO is non-callable until July 15, 2017. The reinvestment period ends June 15, 2019.
The notes are backed primarily by broadly syndicated senior secured corporate loans.
The CLO is structured to comply with European and U.S. risk retention rules, parent company Onex Corp. said in a release.
Onex said it plans to purchase and hold a majority of the equity for the life of the transaction.
The deal is the firm’s second CLO transaction brought in 2015. Onex Credit Partners priced the $764 million OCP CLO 2015-8 Ltd./OCP CLO 2015-8 Corp. offering on April 10.
The Toronto-based private equity firm placed three CLO transactions in 2014.
| Issuer: | OCP CLO 2015-9 Ltd./OCP CLO 2015-9 Corp.
|
| Amount: | $757.05 million
|
| Maturity: | June 15, 2027
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | Onex Credit Partners, LLC
|
| Call feature: | July 15, 2017
|
| Pricing date: | June 4
|
|
|
| Class A-1 notes
|
| Amount: | $470 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 150 bps
|
| Ratings: | Moody’s: Aaa expected
|
| Standard & Poor’s: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $101.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Rating: | Standard & Poor’s: AA
|
|
|
| Class B notes
|
| Amount: | $46 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 290 bps
|
| Rating: | Standard & Poor’s: A
|
|
|
| Class C notes
|
| Amount: | $37 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 370 bps
|
| Rating: | Standard & Poor’s: BBB
|
|
|
| Class D notes
|
| Amount: | $35 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 545 bps
|
| Rating: | Standard & Poor’s: BB
|
|
|
| Class E notes
|
| Amount: | $7.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 640 bps
|
| Rating: | Standard & Poor’s: B
|
|
|
| Equity
|
| Amount: | $60.05 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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