Chicago, April 1 – Onex Credit Partners LLC priced $408 million of notes in a collateralized loan obligation being issued by OCP CLO 2024-32 Ltd./OCP CLO 2024-32 LLC, according to a presale report.
The notes will mature on April 23, 2037.
The CLO consists of $256 million of class A-1 senior secured floating-rate notes at SOFR plus 152 basis points, $16 million of class A-2 senior secured floating-rate notes at SOFR plus 172 bps, $24 million of class B-1 senior secured floating-rate notes at SOFR plus 200 bps, $8 million of class B-2 5.84% senior secured fixed-rate notes, $24 million of class C senior secured deferrable floating-rate notes at SOFR plus 250 bps, $24 million of class D-1 senior secured deferrable floating-rate notes at SOFR plus 375 bps, $4 million of class D-2 9.05% senior secured deferrable fixed-rate notes, $12 million of class E senior secured deferrable floating-rate notes at SOFR plus 676 bps and $40 million of subordinated notes.
Onex Credit Partners LLC will manage the collateral through the end of the reinvestment period on April 23, 2029.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting April 23, 2036.
Mizuho Securities USA LLC was the placement agent.
Onex is a Toronto-based private equity firm.
| Issuer: | OCP CLO 2024-32 Ltd./OCP CLO 2024-32 LLC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $408 million
|
| Maturity: | April 23, 2037
|
| Structure: | Cash flow CLO
|
| Placement agent: | Mizuho Securities USA LLC
|
| Manager: | Onex Credit Partners LLC
|
| Call feature: | April 23, 2036
|
| Pricing date: | March 27
|
| Settlement date: | April 23
|
|
|
| Class A-1 notes
|
| Amount: | $256 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 152 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $16 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 172 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $24 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 200 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-2 notes
|
| Amount: | $8 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 5.84%
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 250 bps
|
| Rating: | S&P: A
|
|
|
| Class D-1 notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 375 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class D-2 notes
|
| Amount: | $4 million
|
| Securities: | Senior secured deferrable fixed-rate notes
|
| Coupon: | 9.05%
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $12 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 676 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $40 million
|
| Securities: | Subordinated notes
|
|
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