Chicago, Feb. 12 – Oak Hill Advisors LP sold $605 million of notes due January 2034 in a new collateralized loan obligation transaction, according to a market source.
OHA Credit Funding 8, Ltd. priced $3 million of class X floating-rate notes at Libor plus 50 bps, $372 million of class A floating-rate notes at Libor plus 119 bps, $72 million of class B-1 floating-rate notes at Libor plus 150 bps and $12 million of class B-2 2.319% fixed-rate notes.
The portfolio also includes $36 million of class C floating-rate notes at Libor plus 190 bps, $36 million of class D floating-rate notes at Libor plus 285 bps, $24 million of class E floating-rate notes at Libor plus 600 bps and $50 million of subordinated notes.
Oak Hill is the collateral manager.
Citigroup Global Markets, Inc. is the arranger.
The notes cannot be called for the first 1.9 years of the CLO.
The reinvestment period is 4.9 years.
Collateral will primarily be senior secured leveraged loans.
The investment firm is based in New York City.
| Issuer: | OHA Credit Funding 8, Ltd.
|
| Amount: | $605 million
|
| Maturity: | January 18, 2034
|
| Securities: | Floating-rate, fixed-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets, Inc.
|
| Manager: | Oak Hill Advisors LP
|
| Call: | 1.9 years
|
| Pricing date: | Feb. 11
|
| Settlement date: | March 12
|
|
|
| Class X notes
|
| Amount: | $3 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 50 bps
|
|
|
| Class A notes
|
| Amount: | $372 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 119 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $72 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 150 bps
|
|
|
| Class B-2 notes
|
| Amount: | $12 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 2.319%
|
|
|
| Class C notes
|
| Amount: | $36 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
|
|
| Class D notes
|
| Amount: | $36 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 285 bps
|
|
|
| Class E notes
|
| Amount: | $24 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 600 bps
|
|
|
| Subordinated notes
|
| Amount: | $50 million
|
| Securities: | Subordinated notes
|
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