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OCP Euro CLO 2019-3, LTD: 21 May 2019


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 (Onex) 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. At 31 December 2018, Onex had $31 billion of assets under management, including $6.4 billion of Onex proprietary 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, in each case; 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 Fitch Rating of not lower than "CCC-" and a Moody’s Rating of not lower than "Caa3"; is an obligation of an Obligor or Obligors Domiciled in a Non-Emerging Market Country (as determined by the Portfolio Manager acting on behalf of the Issuer); it is not a Project Finance Loan; it has a minimum purchase price of 65% of the Principal Balance of such Collateral Obligation.

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 €318.75mln, which is 75% of the Target Par Amount.

The Notes other than the Retention Notes and any other Notes being sold directly by the Issuer to the Originator are being offered by the Issuer through J.P. Morgan Securities plc in its capacity as placement agent of the offering.


EU Risk Retention: The Originator will undertake to acquire and hold on an ongoing basis, 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 Collateral Principal Amount.