Oaktree's CLO deal from last September, Oaktree CLO 2015-1, offered up $511 million in notes. The new CLO size is on par with other recently rated CLOs such as BlueMountain CLO 2015-3 ($450 million) and Cole Park CLO (December 2015 for $425 million). The new Oaktree CLO carries a much shorter reinvestment period of only 2.6 years, which similar to the three-year reinvestment period for its January CLO is shorter than the standard four-year periods carved out for Oaktree's 2014 and 2015 CLO transactions. The CLO will hold a minimum of 96% first-lien senior secured loans, a maximum 4% of second-lien borrowings, and will hold no more than 80% covenant-lite loans. Oaktree will be prohibited from owning long-dated assets or accumulating more than 15% of international loans in the pool for the actively managed CLO. The pool has a minimum overcollateralization of 125.4% on the A/B notes, and 114.7% on the C notes. Interest coverage tests start at 120% for the A/B notes, and 115% for the C notes.