By Cristal Cody
Eureka Springs, Ark., Dec. 12 – Oaktree Capital Management LP sold $601.66 million of notes due Oct. 20, 2027 in the new Oaktree EIF III Series I Ltd. transaction, according to a market source.
The CLO priced $372 million of class A floating-rate notes at Libor plus 141 basis points; $81 million of class B floating-rate notes at Libor plus 200 bps; $20 million of class C-1 floating-rate notes at Libor plus 270 bps; $16 million of 4.74% class C-2 fixed-rate notes and $112.66 million of subordinated notes.
Wells Fargo Securities LLC was the placement agent.
Oaktree Capital Management will manage the CLO, which has a two-year non-call period and a 3˝-year reinvestment period.
The deal is backed predominantly by broadly syndicated first-lien senior secured loans and eligible investments.
Oaktree Capital Management has priced two U.S. CLOs in 2016.
The Los Angeles-based asset management firm, a subsidiary of Oaktree Capital Group, LLC, was in the primary market in 2015 with three CLO deals.
| Issuer: | Oaktree EIF III Series I Ltd.
|
| Amount: | $601.66 million
|
| Maturity: | Oct. 20, 2027
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Wells Fargo Securities LLC
|
| Manager: | Oaktree Capital Management LP
|
| Call feature: | Dec. 15, 2018
|
| Pricing date: | Dec. 8
|
| Settlement date: | Dec. 20
|
|
|
| Class A notes
|
| Amount: | $372 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 141 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $81 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C-1 notes
|
| Amount: | $20 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 270 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class C-2 notes
|
| Amount: | $16 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 4.74%
|
| Rating: | Moody’s: A2
|
|
|
| Equity
|
| Amount: | $112.66 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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