By Cristal Cody
Tupelo, Miss., Dec. 22 – Oak Hill Advisors LP sold $606 million of notes due Jan. 23, 2027 in the firm’s third new collateralized loan obligation transaction of 2015, according to a market source.
OHA Credit Partners XII, Ltd./OHA Credit Partners XII LLC priced $357 million of class A-1 senior secured floating-rate notes at Libor plus 149 basis points, $27.6 million of class A-2 senior secured floating-rate notes at Libor plus 175 bps and $60 million of class B senior secured floating-rate notes at Libor plus 221 bps.
The CLO also sold $23 million of 5.08% class C-1 mezzanine secured deferrable fixed-rate notes; $10 million of class C-2 mezzanine secured deferrable floating-rate notes at Libor plus 325 bps; $17.4 million of 4.2% class D-1 mezzanine secured deferrable fixed-rate notes; $24 million of class D-2 mezzanine secured deferrable floating-rate notes at Libor plus 470 bps; $33 million of class E junior secured deferrable floating-rate notes at Libor plus 685 bps; $12 million of class F junior secured deferrable floating-rate notes at Libor plus 850 bps and $42 million of subordinated notes.
Goldman Sachs & Co. was the placement agent.
Oak Hill Advisors is the CLO manager.
The CLO has a non-call period that ends Jan. 23, 2018 and a reinvestment period that ends Jan. 23, 2020.
The deal is backed primarily by broadly syndicated senior secured corporate loans.
Oak Hill Advisors has priced three U.S. CLOs and refinanced one vintage CLO deal year to date.
The New York City-based investment firm brought three CLO transactions to market in 2014.
| Issuer: | OHA Credit Partners XII, Ltd./OHA Credit Partners XII LLC
|
| Amount: | $606 million
|
| Maturity: | Jan. 23, 2027
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Goldman Sachs & Co.
|
| Manager: | Oak Hill Advisors LP
|
| Call feature: | Jan. 23, 2018
|
| Pricing date: | Dec. 8
|
| Settlement date: | Jan. 16
|
|
|
| Class A-1 notes
|
| Amount: | $357 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 149 bps
|
| Ratings: | Moody’s: Aaa
|
| Standard & Poor’s: AAA
|
|
|
| Class A-2 notes
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| Amount: | $27.6 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Rating: | Moody’s: Aaa
|
|
|
| Class B notes
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| Amount: | $60 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 221 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C-1 notes
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| Amount: | $23 million
|
| Securities: | Mezzanine secured deferrable fixed-rate notes
|
| Coupon: | 5.08%
|
| Rating: | Moody’s: A2
|
|
|
| Class C-2 notes
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| Amount: | $10 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 325 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class D-1 notes
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| Amount: | $17.4 million
|
| Securities: | Mezzanine secured deferrable fixed-rate notes
|
| Coupon: | 4.2%
|
| Rating: | Moody’s: Baa3
|
|
|
| Class D-2 notes
|
| Amount: | $24 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 470 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E notes
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| Amount: | $33 million
|
| Securities: | Junior secured deferrable floating-rate notes
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| Coupon: | Libor plus 685 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Class F notes
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| Amount: | $12 million
|
| Securities: | Junior secured deferrable floating-rate notes
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| Coupon: | Libor plus 850 bps
|
| Rating: | Moody’s: B3
|
|
|
| Equity
|
| Amount: | $42 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
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