Chicago, Dec. 2 – Owl Rock Diversified Advisors LLC priced $393.765 million of notes in a collateralized loan obligation being issued by Owl Rock CLO IX LLC, according to a presale report.
The notes will mature on Nov. 20, 2034.
The CLO consists of $28 million of class A-1T senior secured floating-rate notes at SOFR plus 270 basis points, $200 million of class A-1L senior secured floating-rate loans at SOFR plus 270 bps, $8 million of class A-2 6.8% senior secured fixed-rate notes, $24 million of class B senior secured floating-rate notes at SOFR plus 400 bps and $133.77 million of subordinated notes.
Owl Rock Diversified Advisors LLC will manage the collateral through the end of the reinvestment period on Nov. 20, 2026.
Collateral for the notes consists of middle-market speculative-grade senior secured term loans.
The notes can be called starting Nov. 20, 2024.
SG Americas Securities LLC was the placement agent.
The alternative asset manager is based in New York. The manager is a subsidiary of Blue Owl Capital Inc.
| Issuer: | Owl Rock CLO IX LLC
|
| Issue: | Floating-rate notes, floating-rate loans, fixed-rate notes and subordinated notes
|
| Amount: | $393.765 million
|
| Maturity: | Nov. 20, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | SG Americas Securities LLC
|
| Manager: | Owl Rock Diversified Advisors LLC
|
| Call feature: | Nov. 20, 2024
|
| Settlement date: | Dec. 14
|
|
|
| Class A-1T notes
|
| Amount: | $28 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 270 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1L loans
|
| Amount: | $200 million
|
| Securities: | Senior secured floating-rate loans
|
| Coupon: | SOFR plus 270 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $8 million
|
| Securities: | Senior Secured fixed-rate notes
|
| Coupon: | 6.8%
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
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| Amount: | $24 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 400 bps
|
| Rating: | S&P: AA
|
|
|
| Subordinated notes
|
| Amount: | $133.765 million
|
| Securities: | Subordinated notes
|
|
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