Oak Hill prices $605.9 million CLO; Bain Capital prices $508.5 million; NXT refinances

By Cristal Cody

Tupelo, Miss., Oct. 4 – Oak Hill Advisors LP priced a $605.9 million CLO transaction in the manager’s third new offering this year.

In addition, Bain Capital Credit CLO Advisors, LP sold $508.5 million of notes in its third broadly syndicated CLO deal of the year.

Looking at the middle market, NXT Capital Investment Advisers LLC refinanced $124 million of notes from a circa 2017 CLO deal.

In other activity, outflows from leveraged loans were little changed at $520 million for the past week ended Wednesday, according to a BofA Merrill Lynch note released on Friday.

OHA Credit prints notes

Oak Hill Advisors priced $605.9 million of notes due Oct. 22, 2032 in nine tranches in the transaction, according to market sources.

OHA Credit Funding 4, Ltd./OHA Credit Funding 4, LLC sold the $378 million of class A-1 floating-rate notes at Libor plus 133 basis points and $9 million of class A-2 floating-rate notes at Libor plus 165 bps in the senior tranches.

Citigroup Global Markets Inc. was the placement agent.

The CLO is backed primarily by broadly syndicated senior secured corporate loans.

The investment firm is based in New York City.

Bain Capital brings CLO

Bain Capital Credit CLO Advisors priced $508.5 million of notes at par in the new CLO offering, according to a market source.

Bain Capital Credit CLO 2019-3 Ltd./Bain Capital Credit CLO 2019-3 LLC sold $320 million of class A floating-rate notes at Libor plus 134 bps in the AAA-rated tranche.

Goldman Sachs & Co. LLC was the placement agent.

The asset management firm is based in Boston.

NXT reprices 2017-2 notes

NXT Capital Investment Advisers refinanced $124 million of notes due Oct. 20, 2029 from the NXT Capital CLO 2017-2 LLC middle-market deal, according to a notice of proposed first supplemental indenture.

NXT Capital CLO 2017-2 priced $40 million of class B-R senior secured floating-rate notes at Libor plus 190 bps at the top of the capital structure.

Wells Fargo Securities LLC is the refinancing placement agent.

The CLO was originally issued on Oct. 20, 2017.

The deal is backed primarily by middle-market senior secured term loans.

NXT Capital Investment Advisers is a subsidiary of NXT Capital LLC, a Chicago-based middle-market lending and financial services firm.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.