Chicago, Jan. 19 – Oaktree Capital Management LP sold $406.4 million in a collateralized loan obligation being issued by Oaktree CLO 2021-2 Ltd./Oaktree CLO 2021-2 LLC, according to a pre-sale report.
The notes will mature on Jan. 15, 2035.
The CLO consists of $254 million of class A senior secured floating-rate notes at Libor plus 118 basis points, $35 million of class B-1 senior secured floating-rate notes at Libor plus 175 bps, $15 million of class B-2 3.23% senior secured fixed-rate notes, $20 million of class C-1 senior secured deferrable floating-rate notes at Libor plus 225 bps, $4 million of class C-2 3.7% senior secured deferrable fixed-rate notes, $17 million of class D-1 senior secured deferrable floating-rate notes at Libor plus 335 bps, $7 million of class D-2 senior secured deferrable floating-rate notes at Libor plus 502 bps, $15 million of class E senior secured deferrable floating-rate notes at Libor plus 712 bps, $7 million of class F senior secured deferrable floating-rate notes at Libor plus 803 bps and $32.4 million of subordinated notes.
Oaktree Capital Management LP will manage the collateral through the end of the reinvestment period on Jan. 15, 2027.
The notes are backed by broadly syndicated speculative-grade senior secured term loans as collateral.
The notes can be called starting Jan. 15, 2024.
Morgan Stanley & Co. LLC was the placement agent.
The Los Angeles-based asset management firm is a subsidiary of Oaktree Capital Group, LLC.
Issuer: | Oaktree CLO 2021-2 Ltd./Oaktree CLO 2021-2 LLC
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Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
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Amount: | $406.4 million
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Maturity: | Jan. 15, 2035
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Structure: | Cash flow CLO
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Placement agent: | Morgan Stanley & Co. LLC
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Manager: | Oaktree Capital Management LP
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Call feature: | Jan. 15, 2024
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Settlement date: | Dec. 20
|
|
Class A notes
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Amount: | $254 million
|
Securities: | Senior secured floating-rate notes
|
Coupon: | Libor plus 118 bps
|
Rating: | S&P: AAA
|
|
Class B-1 notes
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Amount: | $35 million
|
Securities: | Senior secured floating-rate notes
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Coupon: | Libor plus 175 bps
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Rating: | S&P: AA
|
|
Class B-2 notes
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Amount: | $15 million
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Securities: | Senior secured fixed-rate notes
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Coupon: | 3.23%
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Rating: | S&P: AA
|
|
Class C-1 notes
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Amount: | $20 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | Libor plus 225 bps
|
Rating: | S&P: A
|
|
Class C-2 notes
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Amount: | $4 million
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Securities: | Senior secured deferrable fixed-rate notes
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Coupon: | 3.7%
|
Rating: | S&P: A
|
|
Class D-1 notes
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Amount: | $17 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | Libor plus 335 bps
|
Rating: | S&P: BBB+
|
|
Class D-2 notes
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Amount: | $7 million
|
Securities: | Senior secured deferrable floating-rate notes
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Coupon: | Libor plus 502 bps
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Rating: | S&P: BBB-
|
|
Class E notes
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Amount: | $15 million
|
Securities: | Senior secured deferrable floating-rate notes
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Coupon: | Libor plus 712 bps
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Rating: | S&P: BB-
|
|
Class F notes
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Amount: | $7 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | Libor plus 803 bps
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Rating: | S&P: B-
|
|
Subordinated notes
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Amount: | $32.4 million
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Securities: | Subordinated notes
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