By Cristal Cody
Eureka Springs, Ark., March 14 – Oaktree Capital Management LP sold $470 million of notes due Jan. 20, 2027 in the Oaktree EIF I Series A Ltd./Oaktree EIF I Series A LLC transaction, according to a market source.
The CLO priced $289.8 million of class A floating-rate notes (Aaa/AAA) at Libor plus 158 basis points; $30 million of class B-1 floating-rate notes (/AA) at Libor plus 250 bps; $25.6 million of 3.81% class B-2 fixed-rate notes (/AA); $26.5 million of class C-1 floating-rate notes (/A) at Libor plus 365 bps; $10 million of 5.37% class C-2 fixed-rate notes and $88.1 million of income notes.
Wells Fargo Securities LLC was the placement agent.
Oaktree Capital Management will manage the CLO.
The CLO has a non-call period that ends on March 20, 2018 and a reinvestment period that ends on Oct. 20, 2018.
The deal is backed primarily by broadly syndicated senior secured corporate loans.
Oaktree Capital Management was in the primary market in 2015 with three CLO deals.
The Los Angeles-based asset management firm is a subsidiary of Oaktree Capital Group, LLC.
| Issuers: | Oaktree EIF I Series A Ltd./Oaktree EIF I Series A LLC
|
| Amount: | $470 million
|
| Maturity: | Jan. 20, 2027
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Wells Fargo Securities LLC
|
| Manager: | Oaktree Capital Management LP
|
| Call feature: | March 20, 2018
|
| Pricing date: | March 9
|
|
|
| Class A notes
|
| Amount: | $289.8 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 158 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa
|
| Standard & Poor’s: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $30 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 250 bps
|
| Price: | Par
|
| Rating: | Standard & Poor’s: AA
|
|
|
| Class B-2 notes
|
| Amount: | $25.6 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 3.81%
|
| Price: | 99.9885
|
| Rating: | Standard & Poor’s: AA
|
|
|
| Class C-1 notes
|
| Amount: | $26.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 365 bps
|
| Price: | 98.1235
|
| Rating: | Standard & Poor’s: A
|
|
|
| Class C-2 notes
|
| Amount: | $10 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 5.37%
|
| Price: | 99.9746
|
| Rating: | Standard & Poor’s: A
|
|
|
| Equity
|
| Amount: | $88.1 million
|
| Securities: | Income notes
|
| Rating: | Non-rated
|
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