Chicago, Feb. 1 – Onex Credit Partners LLC priced $503.525 million of notes in a collateralized loan obligation being issued by OCP CLO 2024-31 Ltd./OCP CLO 2024-31 LLC, according to a presale report.
The notes will mature on April 20, 2037.
The CLO consists of $320 million of class A-1 senior secured floating-rate notes at SOFR plus 163 basis points, $15 million of class A-2 senior secured floating-rate notes at SOFR plus 180 bps, $35 million of class B-1 senior secured floating-rate notes at SOFR plus 200 bps, $10 million of class B-2 5.57% senior secured fixed-rate notes, $30 million of class C senior secured deferrable floating-rate notes at SOFR plus 240 bps, $30 million of class D senior secured deferrable floating-rate notes at SOFR plus 395 bps, $20 million of class E senior secured deferrable floating-rate notes at SOFR plus 690 bps and $43.525 million of subordinated notes.
Onex Credit Partners LLC will manage the collateral through the end of the reinvestment period on April 20, 2029.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting March 7, 2026.
CIBC World Markets Corp. was the placement agent.
Onex is a Toronto-based private equity firm.
| Issuer: | OCP CLO 2024-31 Ltd./OCP CLO 2024-31 LLC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $503.525 million
|
| Maturity: | April 20, 2037
|
| Structure: | Cash flow CLO
|
| Placement agent: | CIBC World Markets Corp.
|
| Manager: | Onex Credit Partners LLC
|
| Call feature: | March 7, 2026
|
| Pricing date: | Jan. 25
|
| Settlement date: | March 7
|
|
|
| Class A-1 notes
|
| Amount: | $320 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 163 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $15 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 180 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $35 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 200 bps
|
| Rating: | S&P: AA+
|
|
|
| Class B-2 notes
|
| Amount: | $10 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 5.57%
|
| Rating: | S&P: AA+
|
|
|
| Class C notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 240 bps
|
| Rating: | S&P: A+
|
|
|
| Class D notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 395 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $20 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 690 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $43.525 million
|
| Securities: | Subordinated notes
|
|
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