By Cristal Cody
Tupelo, Miss., Oct. 4 – Oak Hill Advisors LP priced $605.9 million of notes due Oct. 22, 2032 in nine tranches in a new collateralized loan obligation transaction, according to market sources.
OHA Credit Funding 4, Ltd./OHA Credit Funding 4, LLC sold $2.5 million of class X floating-rate notes at Libor plus 60 basis points, $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 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.
Citigroup Global Markets Inc. was the placement agent.
Oak Hill Advisors will manage the CLO, which has a two-year non-call period and a five-year reinvestment period.
The CLO is backed primarily by broadly syndicated senior secured corporate loans.
Oak Hill Advisors has priced three news CLOs year to date.
The investment firm is based in New York City.
Issuer: | OHA Credit Funding 4, Ltd./OHA Credit Funding 4, LLC
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Amount: | $605.9 million
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Maturity: | Oct. 22, 2032
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Securities: | Fixed-rate, floating-rate and subordinated notes
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Structure: | Cash flow CLO
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Placement agent: | Citigroup Global Markets Inc.
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Manager: | Oak Hill Advisors LP
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Call feature: | Two years
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Pricing date: | Sept. 20
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Settlement date: | Oct. 30
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|
Class X notes
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Amount: | $2.5 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 60 bps
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Rating: | S&P: AAA
|
|
Class A-1 notes
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Amount: | $378 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 133 bps
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Ratings: | S&P: AAA
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| Fitch: AAA expected
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Class A-2 notes
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Amount: | $9 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 165 bps
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Ratings: | S&P: AAA
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| Fitch: AAA expected
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Class B-1 notes
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Amount: | $57 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 185 bps
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Rating: | S&P: AA
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Class B-2 notes
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Amount: | $12 million
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Securities: | Fixed-rate notes
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Coupon: | 3.48%
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Rating: | S&P: AA
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|
Class C notes
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Amount: | $36 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 265 bps
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Rating: | S&P: A
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Class D notes
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Amount: | $36 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 375 bps
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Rating: | S&P: BBB-
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Class E notes
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Amount: | $24 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 610 bps
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Rating: | S&P: BB-
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|
Equity
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Amount: | $51.4 million
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Securities: | Subordinated notes
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Ratings: | Non-rated
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