By Cristal Cody
Tupelo, Miss., Feb. 12 – Oaktree Capital Management LP priced $372 million of class A-R senior secured floating-rate notes at Libor plus 108 basis points from a vintage 2016 CLO offering, according to a notice of executed supplemental indenture.
Oaktree originally priced the notes (Aaa/AAA) on Dec. 8, 2016 as part of the $601.66 million Oaktree EIF III Series I Ltd. transaction.
The CLO had sold $372 million of the class A floating-rate notes at Libor plus 141 bps.
The notes are due Oct. 20, 2027.
The non-call period on the class A-R notes was extended to April 1, 2020 from the Dec. 15, 2018 original non-call period.
Wells Fargo Securities LLC was the refinancing placement agent.
Oaktree Capital Management will continue to manage the broadly syndicated CLO.
Proceeds were used to redeem the original class A notes.
The class A-R notes were admitted for trading on the regulated market of Euronext Dublin, according to an admission notice on Tuesday.
Oaktree Capital Management is a Los Angeles-based asset management firm and a subsidiary of Oaktree Capital Group, LLC.
| Issuer: | Oaktree EIF III Series I Ltd.
|
| Amount: | $372 million refinancing
|
| Maturity: | Oct. 20, 2027
|
| Securities: | Class A-R senior secured floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Wells Fargo Securities LLC
|
| Manager: | Oaktree Capital Management LP
|
| Coupon: | Libor plus 108 bps
|
| Call feature: | April 1, 2020
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
| Distribution: | Rule 144A, Regulation S
|
| Settlement date: | Jan. 22
|
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