Chicago, Oct. 12 – Antares Liquid Credit Strategies LLC issued $460.58 million in a collateralized loan obligation from Orion CLO 2023-1 Ltd./Orion CLO 2023-1 LLC, according to a presale report.
This is the manager’s first CLO collateralized by broadly syndicated loans.
The notes will mature on Oct. 25, 2036.
The CLO consists of $288 million of class A senior secured floating-rate notes at SOFR plus 190 basis points, $54 million of class B senior secured floating-rate notes at SOFR plus 260 bps, $27 million of class C senior secured deferrable floating-rate notes at SOFR plus 325 bps, $27 million of class D senior secured deferrable floating-rate notes at SOFR plus 515 bps, $13.5 million of class E senior secured deferrable floating-rate notes at SOFR plus 790 bps and $51.08 million of subordinated notes.
Antares Liquid Credit Strategies LLC will manage the collateral through the end of the reinvestment period on Oct. 25, 2028.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting Oct. 25, 2025.
J.P. Morgan Securities LLC was the placement agent.
The Chicago-based investment management firm is an affiliate of Antares Capital Advisers LLC and a subsidiary of Antares Holding LP.
| Issuer: | Orion CLO 2023-1 Ltd./Orion CLO 2023-1 LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $460.58 million
|
| Maturity: | Oct. 25, 2036
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Manager: | Antares Liquid Credit Strategies LLC
|
| Call feature: | Oct. 25, 2025
|
| Pricing date: | Oct. 10
|
| Settlement date: | Oct. 12
|
|
|
| Class A notes
|
| Amount: | $288 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 190 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $54 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 260 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
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| Amount: | $27 million
|
| Securities: | Senior secured deferrable floating-rate notes
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| Coupon: | SOFR plus 325 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
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| Amount: | $27 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 515 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
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| Amount: | $13.5 million
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| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 790 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $51.08 million
|
| Securities: | Subordinated notes
|
|
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