Chicago, Feb. 12 – Five Arrows Managers North America LLC priced $456.05 million of notes in a collateralized loan obligation being issued by Ocean Trails CLO XV Ltd./Ocean Trails CLO XV LLC, according to a presale report.
The notes will mature on Jan. 15, 2037.
The CLO consists of $4.3 million of class X senior secured floating-rate notes at SOFR plus 110 basis points, $270 million of class A senior secured floating-rate notes at SOFR plus 170 bps, $72 million of class B senior secured floating-rate notes at SOFR plus 250 bps, $27 million of class C senior secured deferrable floating-rate notes at SOFR plus 285 bps, $24.75 million of class D-1 senior secured deferrable floating-rate notes at SOFR plus 470 bps, $5.625 million of class D-2 10% senior secured deferrable fixed-rate notes, $12.375 million of class E senior secured deferrable floating-rate notes at SOFR plus 783 bps and $40 million of subordinated notes.
Five Arrows Managers North America LLC will manage the collateral through the end of the reinvestment period on Jan. 15, 2029.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting Jan. 15, 2026.
Goldman Sachs & Co. LLC was the placement agent.
The Los Angeles-based investment manager is a subsidiary of Rothschild North America Holdings, Inc.
| Issuer: | Ocean Trails CLO XV Ltd./Ocean Trails CLO XV LLC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $456.05 million
|
| Maturity: | Jan. 15, 2037
|
| Structure: | Cash flow CLO
|
| Placement agent: | Goldman Sachs & Co. LLC
|
| Manager: | Five Arrows Managers North America LLC
|
| Call feature: | Jan. 15, 2026
|
| Pricing date: | Feb. 9
|
| Settlement date: | Feb. 26
|
|
|
| Class X notes
|
| Amount: | $4.3 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 110 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A notes
|
| Amount: | $270 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 170 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $72 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 250 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $27 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 285 bps
|
| Rating: | S&P: A
|
|
|
| Class D-1 notes
|
| Amount: | $24.75 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 470 bps
|
| Rating: | S&P: BBB
|
|
|
| Class D-2 notes
|
| Amount: | $5.625 million
|
| Securities: | Senior secured deferrable fixed-rate notes
|
| Coupon: | 10%
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $12.375 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 783 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $40 million
|
| Securities: | Subordinated notes
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
