Oaktree Capital Management offers $732.2 million notes in new 2019 CLO

By Cristal Cody

Tupelo, Miss., March 15 – Oaktree Capital Management LP plans to price $732.2 million of notes due April 22, 2030 in a new collateralized loan obligation offering, according to a market source.

The Oaktree CLO 2019-1 Ltd./Oaktree CLO 2019-1 LLC deal includes $442.5 million of class A-1 senior secured floating-rate notes (Aaa/AAA/), $37.5 million of class A-2 senior secured floating-rate notes (Aaa/AAA/) and $86.25 million of class B senior secured floating-rate notes (Aa3/AA/).

The deal also includes $8.75 million of class C secured deferrable floating-rate notes (/A/), $45 million of class D secured deferrable floating-rate notes (/BBB-/), $28,125,000 million of class E secured deferrable floating-rate notes (/BB-/) and $55,075,000 of subordinated notes.

Wells Fargo Securities, LLC is the placement agent.

Oaktree Capital Management will manage the CLO.

The CLO has a two-year non-call period and a five-year reinvestment period.

The issue is collateralized mainly by broadly syndicated senior secured corporate loans.

The transaction is expected to close April 25.

Oaktree has refinanced one vintage CLO year to date.

The CLO manager was in the primary market in 2018 with one new dollar-denominated CLO.

The Los Angeles-based asset management firm is a subsidiary of Oaktree Capital Group, LLC.

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