By Cristal Cody
Tupelo, Miss., Nov. 2 – Owl Rock Capital Advisors LLC priced $341.5 million of notes due Nov. 29, 2029 in a new middle-market collateralized loan obligation offering, according to market sources.
Owl Rock CLO V, Ltd./Owl Rock CLO V, LLC sold $182 million of class A-1 floating-rate notes at Libor plus 185 basis points, $14 million of class A-2 floating-rate notes at Libor plus 220 bps and $145.5 million of preferred shares.
Natixis Securities Americas LLC was the placement agent.
Owl Rock Capital Advisors will manage the CLO, which has a one-year non-call period and a 1.7-year reinvestment period.
The CLO is backed primarily by middle-market senior secured term loans.
Owl Rock Capital has priced three new middle-market CLOs year to date.
The alternative asset manager is based in New York.
| Issuer: | Owl Rock CLO V, Ltd./Owl Rock CLO V, LLC
|
| Amount: | $341.5 million
|
| Securities: | Floating-rate notes and preferred shares
|
| Maturity: | Nov. 29, 2029
|
| Structure: | Middle-market CLO
|
| Placement agent: | Natixis Securities Americas LLC
|
| Manager: | Owl Rock Capital Advisors LLC
|
| Call feature: | One year
|
| Pricing date: | Oct. 20
|
| Settlement date: | Nov. 20
|
|
|
| Class A-1 notes
|
| Amount: | $182 million
|
| Securities: | Floating-rate notes
|
| Blended coupon: | Libor plus 185 bps
|
| Ratings: | Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $14 million
|
| Securities: | Floating-rate notes
|
| Blended coupon: | Libor plus 220 bps
|
| Ratings: | Non-rated
|
|
|
| Equity
|
| Amount: | $145.5 million
|
| Securities: | Preferred shares
|
| Ratings: | Non-rated
|
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