Chicago, March 22 – Oaktree Capital Management LP sold $400.11 million in a collateralized loan obligation being issued by Oaktree CLO 2023-1 Ltd./Oaktree CLO 2023-1 LLC, according to a presale report.
The notes will mature on April 15, 2036.
The CLO consists of $252 million of class A-1 senior secured floating-rate notes at SOFR plus 190 basis points, $8 million of class A-2 senior secured floating-rate notes at SOFR plus 220 bps, $44 million of class B senior secured floating-rate notes at SOFR plus 255 bps, $24 million of class C senior secured deferrable floating-rate notes at SOFR plus 330 bps, $22.4 million of class D senior secured deferrable floating-rate notes at SOFR plus 525 bps, $11.6 million of class E senior secured deferrable floating-rate notes at SOFR plus 848 bps and $38.11 million of subordinated notes.
Oaktree Capital Management LP will manage the collateral through the end of the reinvestment period on April 15, 2028.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting March 28, 2025.
J.P. Morgan Securities LLC was the placement agent.
The Los Angeles-based asset management firm is a subsidiary of Oaktree Capital Group, LLC.
| Issuer: | Oaktree CLO 2023-1 Ltd./Oaktree CLO 2023-1 LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $400.11 million
|
| Maturity: | April 15, 2036
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Manager: | Oaktree Capital Management LP
|
| Call feature: | March 28, 2025
|
| Settlement date: | March 28
|
|
|
| Class A-1 notes
|
| Amount: | $252 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 190 bps
|
|
|
| Class A-2 notes
|
| Amount: | $8 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 220 bps
|
|
|
| Class B notes
|
| Amount: | $44 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 255 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 330 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $22.4 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 525 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $11.6 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 848 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $38.11 million
|
| Securities: | Subordinated notes
|
|
|
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