By Cristal Cody
Tupelo, Miss., Dec. 21 – Oaktree Capital Management LP sold $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 CLO priced $262 million of class A floating-rate notes (Aaa/AAA) at Libor plus 162 basis points, $46 million of class B floating-rate notes (Aa2) at Libor plus 260 bps and $127.2 million of income notes.
MUFG was the placement agent.
Oaktree Capital Management will manage the CLO.
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 three 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.
| Issuer: | Oaktree EIF I Series A1 Ltd./Oaktree EIF I Series A1 LLC
|
| Amount: | $435.2 million
|
| Maturity: | Oct. 18, 2027
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | MUFG
|
| Manager: | Oaktree Capital Management LP
|
| Call feature: | Jan. 18, 2018
|
| Pricing date: | Dec. 17
|
| Settlement date: | Jan. 7
|
|
|
| Class A notes
|
| Amount: | $262 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 162 bps
|
| Ratings: | Moody’s: Aaa
|
| Standard & Poor’s: AAA
|
|
|
| Class B notes
|
| Amount: | $46 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 260 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Equity
|
| Amount: | $127.2 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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