By Cristal Cody
Tupelo, Miss., April 11 – Oaktree Capital Management LP sold $744.78 million of notes due April 22, 2030 in the manager’s previously announced collateralized loan obligation offering, according to a market source.
Oaktree CLO 2019-1 Ltd./Oaktree CLO 2019-1 LLC priced $442.5 million of class A-1 senior secured floating-rate notes (Aaa/AAA) at Libor plus 133 basis points, $37.5 million of class A-2 senior secured floating-rate notes (Aaa/AAA) at Libor plus 170 bps and $86.25 million of class B senior secured floating-rate notes (Aa3/AA) at Libor plus 185 bps.
The CLO also sold $48.75 million of class C secured deferrable floating-rate notes (A) at Libor plus 275 bps, $45 million of class D secured deferrable floating-rate notes (BBB-) at Libor plus 380 bps, $28.13 million of class E secured deferrable floating-rate notes (BB-) at Libor plus 680 bps and $56.65 million of subordinated notes.
The class A-1 through class D tranches priced at par, while the class E tranche priced at 98.09.
Wells Fargo Securities, LLC was the placement agent.
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.
Oaktree has priced one new CLO and 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.
| Issuer: | Oaktree CLO 2019-1 Ltd./Oaktree CLO 2019-1 LLC
|
| Amount: | $744.78 million
|
| Maturity: | April 22, 2030
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Wells Fargo Securities, LLC
|
| Manager: | Oaktree Capital Management LP
|
| Call feature: | Two years
|
| Pricing date: | March 27
|
| Settlement date: | April 25
|
|
|
| Class A-1 notes
|
| Amount: | $442.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 133 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $37.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $86.25 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 185 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aa3
|
| S&P: AA
|
|
|
| Class C notes
|
| Amount: | $48.75 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 275 bps
|
| Price: | Par
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $45 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 380 bps
|
| Price: | Par
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $28.13 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 680 bps
|
| Price: | 98.09
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $56.65 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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