Chicago, Aug. 26 – Oaktree Capital Management LP sold $401.5 million in a collateralized loan obligation being issued by Oaktree CLO 2022-3 Ltd./Oaktree CLO 2022-3 LLC, according to a presale report.
The notes will mature on July 15, 2035.
The CLO consists of $95 million of class A-1 senior secured floating-rate notes at SOFR plus 235 basis points, $71 million of class A-2 senior secured floating-rate notes at SOFR plus 230 bps, $82 million of class A-L senior secured floating-rate loans at SOFR plus 230 bps, $48.25 million of class B-1 senior secured floating-rate notes at SOFR plus 310 bps, $7.75 million of class B-2 5.59% senior secured fixed-rate notes, $21 million of class C senior secured deferrable floating-rate notes at SOFR plus 415 bps, $22 million of class D senior secured deferrable floating-rate notes at SOFR plus 569 bps, $13 million of class E senior secured deferrable floating-rate notes at SOFR plus 838 bps and $41.5 million of subordinated notes.
Oaktree Capital Management LP will manage the collateral through the end of the reinvestment period on July 15, 2027.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting July 15, 2024.
Credit Suisse Securities (USA) LLC was the placement agent.
The Los Angeles-based asset management firm is a subsidiary of Oaktree Capital Group, LLC.
| Issuer: | Oaktree CLO 2022-3 Ltd./Oaktree CLO 2022-3 LLC
|
| Issue: | Floating-rate notes, fixed-rate notes, floating-rate loans and subordinated notes
|
| Amount: | $401.5 million
|
| Maturity: | July 15, 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | Credit Suisse Securities (USA) LLC
|
| Manager: | Oaktree Capital Management LP
|
| Call feature: | July 15, 2024
|
| Settlement date: | Sept. 14
|
|
|
| Class A-1 notes
|
| Amount: | $95 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 235 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $71 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 230 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-L loans
|
| Amount: | $82 million
|
| Securities: | Senior secured floating-rate loans
|
| Coupon: | SOFR plus 230 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $48.25 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 310 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-2 notes
|
| Amount: | $7.75 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 5.59%
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $21 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 415 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $22 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 569 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $13 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 838 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $41.5 million
|
| Securities: | Subordinated notes
|
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