Onex prices $615 million CLO; Saranac refinances $358.5 million; CSAM resets 2016 CLO

By Cristal Cody

Tupelo, Miss., May 24 – In new CLO issuance, Onex Corp. announced on Thursday that affiliate Onex Credit Partners, LLC priced approximately $615 million of notes in the manager’s 15th CLO deal.

In other pricing action, Saranac Advisory, Ltd. priced a $358.5 million refinancing and reset of a 2014 CLO.

Also, Credit Suisse Asset Management Ltd. refinanced €418.5 million of notes from a vintage 2016 European CLO.

More than $51 billion of vintage CLOs have been refinanced year to date in the U.S. market, while about €7 billion of European CLOs have been repriced and/or reset year to date, according to market sources.

In its deal, Onex Credit Partners priced approximately $615 million of notes in the OCP CLO 2018-15 Ltd./OCP CLO 2018-15 LLC transaction, according to the release.

Additional pricing details were not immediately available.

Meanwhile, Saranac Advisory priced a $358.5 million refinancing and reset of Saranac CLO III Ltd./Saranac CLO III LLC, according to a market source and a notice of executed first supplemental indenture.

The CLO sold $161 million of class A-LR senior secured floating-rate notes at Libor plus 110 basis points at the top of the capital stack. The notes will step up on the payment date in June 2020 to Libor plus 160 bps.

Jefferies LLC was the arranger.

The maturity on the refinanced notes was extended to June 24, 2030.

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