By Cristal Cody
Tupelo, Miss., Dec. 15 – Oaktree Capital Management, LP sold $552.5 million of notes due Nov. 17, 2025 in a collateralized loan obligation offering, according to a market source.
Oaktree EIF II Series A2, Ltd./Oaktree EIF Series A2, LLC priced $333 million of class A floating-rate notes at Libor plus 156 basis points, $78 million of class B floating-rate notes at Libor plus 230 bps, $40 million of class C deferrable floating-rate notes at Libor plus 320 bps and $101.5 million of income notes.
MUFG was the placement agent.
Oaktree Capital will manage the CLO.
The notes are due Oct. 20, 2026.
The CLO has a two-year non-call period and a 4½-year reinvestment period.
The offering is backed primarily by broadly syndicated first-lien senior secured corporate loans and eligible investments.
Oaktree Capital Management priced a $708 million three-tranche offering of notes in the Oaktree EIF II Series A1 Ltd./Oaktree EIF II Series A1 LLC deal on Aug. 7.
The Los Angeles-based asset management firm is a subsidiary of Oaktree Capital Group, LLC.
| Issuer: | Oaktree EIF II Series A2, Ltd./Oaktree EIF Series A2, LLC
|
| Amount: | $552.5 million
|
| Maturity: | Nov. 17, 2025
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | MUFG
|
| Manager: | Oaktree Capital Management, LP
|
| Call feature: | Two years
|
| Pricing date: | Dec. 4
|
| Settlement date: | Dec. 18
|
|
|
| Class A notes
|
| Amount: | $333 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 156 bps
|
| Ratings: | Moody’s: Aaa
|
| Standard & Poor’s: AAA
|
|
|
| Class B notes
|
| Amount: | $78 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 230 bps
|
| Rating: | Standard & Poor’s: AA
|
|
|
| Class C notes
|
| Amount: | $40 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 320 bps
|
| Rating: | Standard & Poor’s: A
|
|
|
| Equity tranche
|
| Amount: | $101.5 million
|
| Securities: | Income notes
|
| Ratings: | Non-rated
|
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