By Cristal Cody
Tupelo, Miss., Dec. 6 – Oaktree Capital Management LP priced a $459.5 million of notes due Oct. 20, 2027 in a refinancing of a vintage 2015 collateralized loan obligation, according to a market source and a notice of withdrawal of updated notice of refinancing and updated notice of refinancing and revised supplemental indenture on Tuesday.
Oaktree CLO 2015-1 Ltd./Oaktree CLO 2015-1 LLC sold $310 million of class A-1-R senior secured floating-rate notes at Libor plus 87 basis points; $60.5 million of class A-2A-R senior secured floating-rate notes at Libor plus 135 bps; $14.5 million of class A-2B-R senior secured floating-rate notes at Libor plus 135 bps; $26 million of class B-R mezzanine secured deferrable floating-rate notes at Libor plus 165 bps; $25.5 million of class C-R mezzanine secured deferrable floating-rate notes at Libor plus 245 bps and $23 million of class D-R mezzanine secured deferrable floating-rate notes at Libor plus 520 bps.
Morgan Stanley & Co. LLC arranged the transaction.
Oaktree Capital Management will continue to manage the CLO.
The non-call period on the refinanced CLO was extended to 2018.
The original $511.75 million CLO was issued Sept. 3, 2015. The CLO had priced $310 million of class A-1 floating-rate notes at Libor plus 155 bps; $60.5 million of class A-2A floating-rate notes at Libor plus 215 bps; $14.5 million of 4.07% class A-2B fixed-rate notes; $26 million of class B deferrable floating-rate notes at Libor plus 315 bps; $25.5 million of class C deferrable floating-rate notes at Libor plus 350 bps; $23 million of class D deferrable floating-rate notes at Libor plus 560 bps and $52.25 million of subordinated notes.
Proceeds will be used to redeem the original class A-1, A-2A, A-2B, B, C and D notes.
Oaktree has priced one new CLO and refinanced three vintage CLOs year to date.
Oaktree Capital Management priced two new U.S. CLO deals in 2016.
The Los Angeles-based asset management firm is a subsidiary of Oaktree Capital Group, LLC.
| Issuer: | Oaktree CLO 2015-1 Ltd./Oaktree CLO 2015-1 LLC
|
| Amount: | $459.5 million refinancing
|
| Maturity: | Oct. 20, 2027
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Morgan Stanley & Co. LLC
|
| Manager: | Oaktree Capital Management LP
|
| Call feature: | One year
|
| Settlement date: | Dec. 27
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class A-1-R notes
|
| Amount: | $310 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 87 bps
|
| Ratings: | Moody’s: Aaa expected
|
| S&P: AAA
|
|
|
| Class A-2A-R notes
|
| Amount: | $60.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 135 bps
|
| Rating: | S&P: AA
|
|
|
| Class A-2B-R notes
|
| Amount: | $14.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 135 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-R notes
|
| Amount: | $26 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Rating: | S&P: A
|
|
|
| Class C-R notes
|
| Amount: | $25.5 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 245 bps
|
| Rating: | S&P: BBB
|
|
|
| Class D-R notes
|
| Amount: | $23 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 520 bps
|
| Rating: | S&P: BB
|
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