Oaktree Capital markets third CLO offering of year; December primary action strong

By Cristal Cody

Tupelo, Miss., Dec. 15 – Oaktree Capital Management LP is in the CLO deal pipeline with a $435.2 million three-tranche CLO offering, its third transaction of the year.

CLO managers have priced nearly $4 billon of deals so far in December, according to J.P. Morgan Securities, LLC.

More than $105 billion of U.S. CLOs have priced year to date in 208 deals, including broadly syndicated, middle-market and refinancing transactions, according to Prospect News data.

Oaktree offers $435.2 million

Oaktree Capital Management is offering $435.2 million of notes due Oct. 18, 2027 in the Oaktree EIF I Series A1 Ltd./Oaktree EIF I Series A1 LLC transaction, according to a market source.

The deal includes $262 million of class A floating-rate notes (Aaa/AAA), $46 million of class B floating-rate notes (Aa2) and $127.2 million of income notes.

MUFG is the placement agent.

The CLO has a non-call period that ends on Jan. 18, 2018. The reinvestment period ends on Jan. 18, 2019.

The deal is backed primarily by broadly syndicated senior secured corporate loans.

Oaktree Capital Management has priced two CLO deals year to date.

The Los Angeles-based asset management firm, a subsidiary of Oaktree Capital Group, LLC, brought four CLO transactions to market in 2014.

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