Chicago, May 23 – Onex Credit Partners LLC sold $403.1 million in a collateralized loan obligation being issued by OCP CLO 2022-24 Ltd./OCP CLO 2022-24 LLC, according to a presale report.
The notes will mature on July 20, 2035.
The CLO consists of $240 million of class A-1 senior secured floating-rate notes at SOFR plus 148 basis points, $5 million of class A-2 senior secured floating-rate notes at SOFR plus 185 bps, $59 million of class B senior secured floating-rate notes at SOFR plus 210 bps, $24 million of class C senior secured deferrable floating-rate notes at SOFR plus 255 bps, $24 million of class D senior secured deferrable floating-rate notes at SOFR plus 380 bps, $16 million of class E senior secured deferrable floating-rate notes at SOFR plus 742 bps and $35.1 million of subordinated notes.
Onex Credit Partners LLC will manage the collateral through the end of the reinvestment period on July 20, 2027.
Collateral for the notes consists of senior secured loans, cash and eligible investments with 80% of the borrowers based in the United States.
The notes can be called starting July 20, 2024.
J.P. Morgan Securities LLC was the placement agent.
Onex is a Toronto-based private equity firm.
| Issuer: | OCP CLO 2022-24 Ltd./OCP CLO 2022-24 LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $403.1 million
|
| Maturity: | July 20, 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Manager: | Onex Credit Partners LLC
|
| Call feature: | July 20, 2024
|
| Settlement date: | June 7
|
|
|
| Class A-1 notes
|
| Amount: | $240 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 148 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 185 bps
|
|
|
| Class B notes
|
| Amount: | $59 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 210 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 255 bps
|
| Rating: | S&P: A+
|
|
|
| Class D notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 380 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $16 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 742 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $35.1 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.
