Preliminary Ratings Assigned To Five Classes From OCP CLO 2014-5 Ltd. In Connection With Proposed Refinancing

OVERVIEW We reviewed OCP CLO 2014-5 Ltd., which, based on its proposed supplemental indenture, is expected to refinance its class A-1, A-2, B, C, D, and E notes notes on Feb. 26, 2018, through an optional redemption and replacement note issuance. After analyzing the changes to the transaction, we assigned our preliminary ratings to the replacement class A-1-R, A-2-R, B-R, C-R, D-R, and E-R notes. The original class A-1, A-2, B, C, D, and E notes are expected to be fully redeemed with the proceeds from the replacement note issuance on the Feb. 26, 2018, refinancing date. NEW YORK (S&P Global Ratings) Feb. 12, 2018--S&P Global Ratings today assigned its preliminary ratings to the class A-1-R, A-2-R, B-R, C-R, D-R,

...OVERVIEW + We reviewed OCP CLO 2014-5 Ltd., which, based on its proposed supplemental indenture, is expected to refinance its class A-1, A-2, B, C, D, and E notes notes on Feb. 26, 2018, through an optional redemption and replacement note issuance. + After analyzing the changes to the transaction, we assigned our preliminary ratings to the replacement class A-1-R, A-2-R, B-R, C-R, D-R, and E-R notes. + The original class A-1, A-2, B, C, D, and E notes are expected to be fully redeemed with the proceeds from the replacement note issuance on the Feb. 26, 2018, refinancing date. NEW YORK (S&P Global Ratings) Feb. 12, 2018--S&P Global Ratings today assigned its preliminary ratings to the class A-1-R, A-2-R, B-R, C-R, D-R, and E-R replacement notes from OCP CLO 2014-5 Ltd., a collateralized loan obligation originally issued in 2014 that is managed by Onex Credit Partners LLC (see list). The replacement notes will be issued via a proposed supplemental indenture. The preliminary ratings reflect...

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