By Cristal Cody
Tupelo, Miss., Oct. 3 - Onex Corp. sold $514.35 million of notes due Oct. 24, 2025 in a collateralized loan obligation, according to informed market sources.
The OCP CLO 2013-4 Ltd./OCP CLO 2013-4 Corp. sold $294,125,000 of class A-1A senior secured floating-rate notes (Aaa/AAA/) at Libor plus 140 basis points; $14.5 million of 3.298% class A-1B senior secured fixed-rate notes (Aaa/AAA/); $56 million of class A-2 senior secured floating-rate notes (/AA/) at Libor plus 180 bps; $45,125,000 of class B deferrable floating-rate notes (/A/) at Libor plus 275 bps; $31,125,000 of class C deferrable floating-rate notes (/BBB-/) at Libor plus 375 bps; $20,625,000 of class D deferrable floating-rate notes (/BB-/) at Libor plus 500 bps; $12.5 million of class E deferrable floating-rate notes (/B/) at Libor plus 560 bps and $39.85 million of subordinated notes.
J.P. Morgan Securities LLC was the placement agent.
Onex Credit Partners LLC will manage the CLO, which is collateralized by a revolving pool of broadly syndicated senior secured corporate loans.
The CLO has a three-year non-call period and a four-year reinvestment period.
The Toronto-based private equity firm reported in August that it planned to bring its fourth CLO deal.
The company was last in the market with the $511.1 million OCP CLO 2013-3 Ltd./OCP CLO 2013-3 Corp. transaction in March.
| Issuer: | OCP CLO 2013-4 Ltd./OCP CLO 2013-4 Corp.
|
| Amount: | $514.35 million
|
| Maturity: | Oct. 24, 2025
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash-flow CLO
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Manager: | Onex Credit Partners LLC
|
| Call feature: | October 2016
|
|
|
| Class A-1A notes
|
| Amount: | $294,125,000
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 140 bps
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
|
|
| Class A-1B notes
|
| Amount: | $14.5 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 3.298%
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $56.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 180 bps
|
| Rating: | Standard & Poor's: AA
|
|
|
| Class B notes
|
| Amount: | $45,125,000
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 275 bps
|
| Rating: | Standard & Poor's: A
|
|
|
| Class C notes
|
| Amount: | $31,125,000
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 375 bps
|
| Rating: | Standard & Poor's: BBB-
|
|
|
| Class D notes
|
| Amount: | $20,625,000
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 500 bps
|
| Rating: | Standard & Poor's: BB-
|
|
|
| Class E notes
|
| Amount: | $12.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 560 bps
|
| Rating: | Standard & Poor's: B
|
|
|
| Equity tranche
|
| Amount: | $39.85 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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