Chicago, Dec. 12 – Antares Liquid Credit Strategies LLC sold $458 million of notes and loans in a collateralized loan obligation being issued by Orion CLO 2023-2 Ltd./Orion CLO 2023-2 LLC, according to a presale report.
The transaction will mature on Jan. 25, 2037.
The CLO consists of $213 million of class A senior secured floating-rate notes at SOFR plus 185 basis points, $75 million of class A senior secured floating-rate loans at SOFR plus 185 bps, $54 million of class B senior secured floating-rate notes at SOFR plus 275 bps, $27 million of class C senior secured deferrable floating-rate notes at SOFR plus 310 bps, $27 million of class D senior secured deferrable floating-rate notes at SOFR plus 530 bps, $15.75 million of class E senior secured deferrable floating-rate notes at SOFR plus 790 bps and $46.25 million of subordinated notes.
Antares Liquid Credit Strategies LLC will manage the collateral through the end of the reinvestment period on Dec. 19, 2028.
Collateral consists of broadly syndicated speculative-grade senior secured term loans.
The CLO can be called starting Dec. 19, 2025.
Barclays 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 2023-2 Ltd./Orion CLO 2023-2 LLC
|
| Issue: | Floating-rate notes, floating-rate loans and subordinated notes
|
| Amount: | $458 million
|
| Maturity: | Jan. 25, 2037
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays
|
| Manager: | Antares Liquid Credit Strategies LLC
|
| Call feature: | Dec. 19, 2025
|
| Pricing date: | Dec. 6
|
| Settlement date: | Dec. 19
|
|
|
| Class A notes
|
| Amount: | $213 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 185 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A loans
|
| Amount: | $75 million
|
| Securities: | Senior secured floating-rate loans
|
| Coupon: | SOFR plus 185 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $54 million
|
| Securities: | Senior Secured floating-rate notes
|
| Coupon: | SOFR plus 275 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $27 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 310 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $27 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 530 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $15.75 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 790 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $46.25 million
|
| Securities: | Subordinated notes
|
|
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