T. Rowe Price OHA amends for up to $475 million five-year facility

By Wendy Van Sickle

Columbus, Ohio, Aug. 31 – T. Rowe Price OHA Select Private Credit Fund entered into an amendment on Aug. 29 to its senior secured credit agreement dated Nov. 15, 2022 with JPMorgan Chase Bank, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The amendment provides for a four-year revolver with a one-year term out period with a total facility amount of up to $475 million, subject to a borrowing base with sublimits for letters of credit and swingline loans. An accordion feature allows the expansion of the facility to up to $1 billion.

The revolver availability period runs through Aug. 29, 2027, and the maturity date is Aug. 29, 2028.

The amendment also provides for a minimum shareholder’s equity test and certain incurrence-based covenants.

Borrowings continue to have interest at a benchmark rate plus a margin of 175 basis points if the gross borrowing base is equal to or greater than 1.6 times the combined debt amount or 187.5 bps otherwise.

The borrower is a Delaware statutory trust that seeks to invest primarily in directly originated and customized private financing solutions.

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