Chicago, June 30 – Oaktree Capital Management LP priced $400 million in a collateralized loan obligation being issued by Oaktree CLO 2023-2 Ltd./Oaktree CLO 2023-2 LLC, according to a presale report.
The notes will mature on July 20, 2036.
The CLO consists of $252 million of class A senior secured floating-rate notes at SOFR plus 190 basis points, $8 million of class A-J senior secured floating-rate notes at SOFR plus 225 bps, $44 million of class B senior secured floating-rate notes at SOFR plus 270 bps, $20 million of class C senior secured deferrable floating-rate notes at SOFR plus 325 bps, $24 million of class D senior secured deferrable floating-rate notes at SOFR plus 545 bps, $14 million of class E senior secured deferrable floating-rate notes at SOFR plus 865 bps and $38 million of subordinated notes.
Oaktree Capital Management LP will manage the collateral through the end of the reinvestment period on July 20, 2028.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting July 20, 2025.
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 2023-2 Ltd./Oaktree CLO 2023-2 LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $400 million
|
| Maturity: | July 20, 2036
|
| Structure: | Cash flow CLO
|
| Placement agent: | Morgan Stanley & Co. LLC
|
| Manager: | Oaktree Capital Management LP
|
| Call feature: | July 20, 2025
|
| Settlement date: | July 7
|
|
|
| Class A notes
|
| Amount: | $252 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 190 bps
|
|
|
| Class A-J notes
|
| Amount: | $8 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 225 bps
|
|
|
| Class B notes
|
| Amount: | $44 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 270 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $20 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 325 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 545 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $14 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 865 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $38 million
|
| Securities: | Subordinated notes
|
|
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