Chicago, March 2 – OFS CLO Management LLC sold $313.15 million of notes due April 20, 2034 in the collateral manager’s first CLO of 2021 with OFSI BSL X Ltd./OFSI BSL X LLC listed as issuers, according to a pre-sale report.
The portfolio includes $199.95 million of class A senior secured floating-rate notes at Libor plus 137 basis points, $35.65 million of class B senior secured floating-rate notes at Libor plus 185 bps, $18.6 million of class C 3.35% senior secured deferrable fixed-rate notes, $17.05 million of class D senior secured deferrable floating-rate notes at Libor plus 341 bps, $11.6 million of class E senior secured deferrable floating-rate notes at Libor plus 722 bps and $30.3 million of subordinated notes.
Jefferies LLC is the initial purchaser.
The notes cannot be called before April 20, 2023.
OFS CLO Management will manage the portfolio through the end of the reinvestment period on April 20, 2026.
The notes are backed by senior secured loans, cash and eligible investment with most of the borrowers required to be based in the United States.
The CLO manager is a Chicago-based advisory firm.
| Issuers: | OFSI BSL X Ltd./OFSI BSL X LLC
|
| Amount: | $313.15 million
|
| Maturity: | April 20, 2034
|
| Securities: | Floating-rate, fixed-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Jefferies LLC
|
| Manager: | OFS CLO Management LLC
|
| Call: | April 20, 2023
|
| Pricing date: | March 2
|
| Settlement date: | March 10
|
|
|
| Class A notes
|
| Amount: | $199.95 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 137 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $35.65 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 185 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $18.6 million
|
| Securities: | Senior secured deferrable fixed-rate notes
|
| Coupon: | 3.35%
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $17.05 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 341 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $11.6 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 722 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $30.3 million
|
| Securities: | Subordinated notes
|
|
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