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Published on 12/15/2014 in the Prospect News CLO Daily.

New Issue: Oaktree Capital Management brings $552.5 million EIF II CLO deal

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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