Chicago, Oct. 6 – Oak Hill Advisors, LP sold $400 million in a collateralized loan obligation being issued by OHA Credit Funding 16, Ltd., according to a presale report and a press release.
The notes will mature on October 2036 (but October 2035 for the class A-1 notes).
The CLO consists of $246 million of class A-1 senior secured floating-rate notes at SOFR plus 167.5 basis points, $16 million of class A-2 senior secured floating-rate notes at SOFR plus 195 bps, $40 million of class B senior secured floating-rate notes at SOFR plus 230 bps, $26 million of class C senior secured deferrable floating-rate notes at SOFR plus 265 bps, $24 million of class D senior secured deferrable floating-rate notes at SOFR plus 415 bps, $14 million of class E senior secured deferrable floating-rate notes at SOFR plus 700 bps, $500,000 of class F senior secured floating-rate notes at SOFR plus 714 bps and $33.5 million of subordinated notes.
Oak Hill Advisors, LP will manage the collateral through the end of the reinvestment period in October 2028.
Collateral for the notes consists of non-investment-grade broadly syndicated loans.
The notes can be called starting in October 2025.
BofA Securities, Inc. was the placement agent.
The investment firm is based in New York City.
| Issuer: | OHA Credit Funding 16, Ltd.
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $400 million
|
| Maturity: | October 2036 (but October 2035 for the class A-1 notes)
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Securities, Inc.
|
| Manager: | Oak Hill Advisors, LP
|
| Call feature: | October 2025
|
| Pricing date: | Sept. 15
|
| Settlement date: | Nov. 6
|
|
|
| Class A-1 notes
|
| Amount: | $246 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 167.5 bps
|
| Rating: | Moody's: Aaa
|
| Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $16 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 195 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $40 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 230 bps
|
| Rating: | Fitch: AA+
|
|
|
| Class C notes
|
| Amount: | $26 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 265 bps
|
| Rating: | Fitch: A+
|
|
|
| Class D notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 415 bps
|
| Rating: | Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | $14 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 700 bps
|
| Rating: | Fitch: BB+
|
|
|
| Class F notes
|
| Amount: | $500,000
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 714 bps
|
| Rating: | Moody's: B3
|
|
|
| Subordinated notes
|
| Amount: | $33.5 million
|
| Securities: | Subordinated notes
|
|
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