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OCP Euro CLO 2017-1, LTD: 12 May 2017


The assets securing the Notes will consist primarily of a portfolio of Senior Obligations, Mezzanine Obligations and High Yield Bonds, and will be managed by Onex Credit Partners, LLC.

Onex Corporation indirectly owns approximately 82% of the economic interest in the Portfolio Manager. Onex is one of the oldest and most well-respected private equity firms with offices in Toronto, New York and London. Onex manages and invests in leveraged loans, collateralised loan obligations and other credit securities. At 30 September 2016, Onex had approximately US$23 billion of assets under management, including $6 billion of Onex capital, in private equity and credit securities.

Eligibility criteria (includes): it is a Secured Senior Obligation, a Corporate Rescue Loan, an Unsecured Senior Obligation, a Mezzanine Obligation, a Second Lien Loan or a High Yield Bond; it is either (I) denominated in Euro or (II) denominated in a Qualifying Currency other than Euro; it is not a Defaulted Obligation or a Credit Risk Obligation; it is not a lease; it is not a Structured Finance Security or a Synthetic Security; it is not a Zero Coupon Security; it has an S&P Rating of not lower than “CCC-” and a Moody’s Rating of not lower than “Caa3”; it is an obligation of an Obligor or Obligors Domiciled in a Non-Emerging Market Country (as determined by the Portfolio Manager); it is not a Project Finance Loan.

The Issuer anticipates that, by the Issue Date, it, or the Portfolio Manager on its behalf, will have purchased or committed to purchase Collateral Obligations, the Aggregate Principal Balance of which is equal to at least €245,000,000 which is approximately 70.0% of the Target Par Amount.

The Notes are being offered by the Issuer through Merrill Lynch International in its capacity as initial purchaser of the offering of such Notes.

CRR 405: In accordance with the EU Retention Requirements, the Originator (OMI PH USD CP LLC) will undertake to acquire and hold, on an ongoing basis, and for so long as any Notes are outstanding, Subordinated Notes with a Principal Amount Outstanding as of the Issue Date equal to not less than 5% of the nominal value of the Collateral Obligations and Eligible Investments.