Chicago, Nov. 30 – Oak Hill Advisors LP sold $604.15 million in a collateralized loan obligation being issued by OHA Credit Funding 4 Ltd./OHA Credit Funding 4 LLC, according to a pre-sale report.
The notes will mature on Oct. 22, 2036.
The CLO consists of $1.5 million of class X senior secured floating-rate notes at Libor plus 70 basis points, $372 million of class A-R senior secured floating-rate notes at Libor plus 115 bps, $84 million of class B-R senior secured floating-rate notes at Libor plus 165 bps, $36 million of class C-R senior secured deferrable floating-rate notes at Libor plus 205 bps, $36 million of class D-R senior secured deferrable floating-rate notes at Libor plus 320 bps, $23.25 million of class E-R senior secured deferrable floating-rate notes at Libor plus 640 bps and $51.4 million of subordinated notes.
Oak Hill Advisors LP will manage the collateral through the end of the reinvestment period on Oct. 22, 2026.
Originally, the portfolio included $2.5 million of class X floating-rate notes at Libor plus 60 bps, $378 million of class A-1 floating-rate notes at Libor plus 133 bps and $9 million of class A-2 floating-rate notes at Libor plus 165 bps.
The CLO also initially priced $57 million of class B-1 floating-rate notes at Libor plus 185 bps and $12 million of 3.48% class B-2 fixed-rate notes.
OHA Credit Funding 4 also sold $36 million of class C deferrable floating-rate notes at Libor plus 265 bps, $36 million of class D deferrable floating-rate notes at Libor plus 375 bps, $24 million of class E deferrable floating-rate notes at Libor plus 610 bps and $51.4 million of subordinated notes.
The CLO is backed primarily by broadly syndicated senior secured corporate loans.
The notes can be called starting Oct. 22, 2023.
Citigroup Global Markets Inc. was the placement agent.
The investment firm is based in New York City.
| Issuer: | OHA Credit Funding 4 Ltd./OHA Credit Funding 4 LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $604.15 million
|
| Maturity: | Oct. 22, 2036
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | Oak Hill Advisors LP
|
| Call feature: | Oct. 22, 2023
|
| Settlement date: | Oct. 22
|
|
|
| Class X notes
|
| Amount: | $1.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 70 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-R notes
|
| Amount: | $372 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 115 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | $84 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $36 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 205 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $36 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 320 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R notes
|
| Amount: | $23.25 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 640 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $51.4 million
|
| Securities: | Subordinated notes
|
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