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Onex Credit Partners prices latest CLO at $400m

Onex Credit Partners has priced its 19th U.S. collateralized loan obligation at about US$400 million.

By
Iris Dorbian
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Onex Credit Partners has priced its 19th U.S. collateralized loan obligation at about US$400 million. The transaction is expected to close on June 25, 2020. This is the firm’s 22nd CLO since launching its CLO platform in 2012.

PRESS RELEASE

TORONTO, June 08, 2020 (GLOBE NEWSWIRE) — Onex Corporation (“Onex”) (TSX: ONEX) announced that Onex Credit Partners, LLC (“Onex Credit”) priced its 19th U.S. collateralized loan obligation (“CLO”) for approximately $400 million. The transaction will be issued by a special purpose vehicle, backed by a diversified portfolio of broadly syndicated leveraged loans. The CLO is expected to close on June 25.

U.S. CLO-19 will be managed by the Onex Credit team led by Paul Travers. The transaction will be supported by a diverse, global group of over 20 investors, including 11 new investors. This is the firm’s twenty-second CLO since launching its CLO platform in 2012. Onex previously announced its 18th U.S. CLO in May of this year.

“Despite this being a challenging market for CLO liability issuance, we are continuing to identify opportunities for growth and this CLO is another step toward enhancing all our offerings,” said Jason New, co-CEO of Onex Credit. “We are achieving strong execution in this market and remain one of only a few managers issuing BB-rated notes in the U.S.”

The securities offered in this CLO have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an exemption from registration under that Act. This release does not constitute an offer to sell or a solicitation of an offer to buy any such securities.

About Onex Credit
Established in 2007, Onex Credit has grown its assets under management from approximately $300 million to $12 billion. With offices in New York, New Jersey and London, Onex Credit’s business is focused on non-investment grade credit markets including leveraged loan, CLO, direct lending, high yield, and opportunistic investing strategies.