Chicago, May 4 – Five Arrows Managers North America LLC sold $397.6 million in a collateralized loan obligation being issued by Ocean Trails CLO XIV Ltd., according to multiple press releases.
The notes will mature on Jan. 20, 2035.
The CLO consists of $235 million of class A-1 floating-rate notes at SOFR plus 200 basis points, $25 million of class A-2 floating-rate notes at SOFR plus 210 bps, $30 million of class B-1 floating-rate notes at SOFR plus 275 bps, $10 million of class B-2 fixed-rate notes, $22 million of class C deferrable floating-rate notes at SOFR plus 375 bps, $26 million of class D deferrable floating-rate notes at SOFR plus 582 bps, $10 million of class E deferrable floating-rate notes at SOFR plus 835 bps, $1 million of class F deferrable floating-rate notes at SOFR plus 855 bps and $38.6 million of subordinated notes.
Five Arrows Managers North America LLC will manage the collateral through the end of the reinvestment period on Jan. 20, 2027.
Collateral for the notes consists of first-lien senior secured leveraged loans.
The notes can be called starting Jan. 21, 2025.
The Los Angeles-based investment manager is a subsidiary of Rothschild North America Holdings, Inc.
| Issuer: | Ocean Trails CLO XIV Ltd.
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $397.6 million
|
| Maturity: | Jan. 20, 2035
|
| Structure: | Cash flow CLO
|
| Manager: | Five Arrows Managers North America LLC
|
| Call feature: | Jan. 21, 2025
|
| Settlement date: | March 23
|
|
|
| Class A-1 notes
|
| Amount: | $235 million
|
| Securities: | Floating-rate notes
|
| Coupon: | SOFR plus 200 bps
|
| Rating: | Moody's: Aaa
|
| Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | SOFR plus 210 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class B-1 notes
|
| Amount: | $30 million
|
| Securities: | Floating-rate notes
|
| Coupon: | SOFR plus 275 bps
|
| Rating: | Fitch: AA
|
|
|
| Class B-2 notes
|
| Amount: | $10 million
|
| Securities: | Fixed-rate notes
|
| Rating: | Fitch: AA
|
|
|
| Class C notes
|
| Amount: | $22 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | SOFR plus 375 bps
|
| Rating: | Fitch: A+
|
|
|
| Class D notes
|
| Amount: | $26 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | SOFR plus 582 bps
|
| Rating: | Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | $10 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | SOFR plus 835 bps
|
| Rating: | Fitch: BB
|
|
|
| Class F notes
|
| Amount: | $1 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | SOFR plus 855 bps
|
| Rating: | Moody's: B3
|
|
|
| Subordinated notes
|
| Amount: | $38.6 million
|
| Securities: | Subordinated notes
|
|
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