Onex to price $887.57 million in firm’s first U.S. CLO of year; new deal volume light

By Cristal Cody

Tupelo, Miss., June 15 – Onex Credit Partners, LLC is marketing an $887.57 million deal in the CLO manager’s first dollar-denominated CLO transaction of the year.

Onex previously priced the €360.75 million OCP Euro CLO 2017-1 DAC offering on April 4.

New deal volume remains less than half of what the refinancing space has seen in 2017.

About $34 billion of new CLOs have priced year to date, while more than $83 billion of vintage CLOs have been refinanced so far in 2017, according to market sources.

Onex Credit Partners plans to price $887.57 million of notes due July 15, 2030 in the new CLO, according to a market source.

The OCP CLO 2017-13 Ltd./OCP CLO 2017-13 LLC deal includes $305 million of class A-1a floating-rate notes (AAA); $30 million of class A-1b floating-rate notes (non-rated); $10 million of class A-2F fixed-rate notes (AA); $32.5 million of class A-2 floating-rate notes (AA); $35 million of class B deferrable floating-rate notes (A); $27.5 million of class C deferrable floating-rate notes (BBB); $20 million of class D deferrable floating-rate notes (BB-) and $48.2 million of subordinated notes.

Natixis Securities Americas LLC is the placement agent.

The notes are backed primarily by a revolving pool of broadly syndicated senior secured loans.

Onex Credit Partners is a Toronto-based private equity firm and subsidiary of Onex Corp.

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