Chicago, April 21 – Oaktree Capital Management LP priced $453.38 million in a collateralized loan obligation being issued by Oaktree CLO 2022-1 Ltd./Oaktree CLO 2022-1 LLC, according to a presale report.
The notes will mature on May 15, 2033.
The CLO consists of $248.5 million of class A1-A floating-rate notes at SOFR plus 149 basis points, $30.5 million of class A1-B 3.32% fixed-rate notes, $4.5 million of class A2 floating-rate notes at SOFR plus 170 bps, $58.5 million of class B floating-rate notes at SOFR plus 195 bps, $22.5 million of class C floating-rate notes at SOFR plus 290 bps, $31.5 million of class D floating-rate notes at SOFR plus 397 bps, $16.89 million of class E floating-rate notes at SOFR plus 776 bps and $40.5 million of subordinated notes.
Oaktree Capital Management LP will manage the collateral through the end of the reinvestment period on May 15, 2025.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting Nov. 15, 2023.
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 2022-1 Ltd./Oaktree CLO 2022-1 LLC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $453.375 million
|
| Maturity: | May 15, 2033
|
| Structure: | Cash flow CLO
|
| Placement agent: | Morgan Stanley & Co. LLC
|
| Manager: | Oaktree Capital Management LP
|
| Call feature: | Nov. 15, 2023
|
| Settlement date: | April 29
|
|
|
| Class A1-A notes
|
| Amount: | $248.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | SOFR plus 149 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A1-B notes
|
| Amount: | $30.5 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 3.32%
|
| Rating: | S&P: AAA
|
|
|
| Class A2 notes
|
| Amount: | $4.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | SOFR plus 170 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $58.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | SOFR plus 195 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $22.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | SOFR plus 290 bps
|
| Rating: | S&P: A+
|
|
|
| Class D notes
|
| Amount: | $31.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | SOFR plus 397 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $16.875 million
|
| Securities: | Floating-rate notes
|
| Coupon: | SOFR plus 776 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $40.5 million
|
| Securities: | Subordinated notes
|
|
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