Five Arrows offers $302.2 million notes in new Ocean Trails X CLO

By Cristal Cody

Tupelo, Miss., Sept. 11 – Five Arrows Managers North America LLC intends to sell $302.2 million of notes due Oct. 15, 2031 in the new Ocean Trails CLO X/Ocean Trails CLO X LLC broadly syndicated transaction, according to a market source.

The deal includes $160 million of class A-1 floating-rate notes (Aaa), $20 million of class A-2 floating-rate notes (Aaa), $22.5 million of class B-1 floating-rate notes and $22.5 million of class B-2 fixed-rate notes.

The offering also is expected to include $19.5 million of class C deferrable floating-rate notes, $15 million of class D deferrable floating-rate notes, $10.5 million of class E deferrable floating-rate notes and $32.2 million of subordinated notes.

Natixis Securities Americas LLC is the placement agent.

Five Arrows Managers will manage the CLO, which has a one-year non-call period and a three-year reinvestment period.

The CLO is backed primarily by broadly syndicated senior secured loans.

Settlement is expected on Oct. 29.

Five Arrows has priced two new CLOs year to date.

The Los Angeles-based investment manager is a subsidiary of Rothschild North America Holdings, Inc.

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