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S&P rates Oaktree notes A-
S&P said it assigned an A- rating to Oaktree Capital Management LP's proposed issuance of $250 million senior unsecured notes due in 2032.
The long-term issuer credit rating on Oaktree Capital Group LLC is A- with a stable outlook.
The $250 million notes issuance, a private debt placement, will be issued by Oaktree Capital Management and will be fully and unconditionally guaranteed by Oaktree Capital I LP, Oaktree Capital II LP and Oaktree AIF Investments LP on a joint and several basis.
Oaktree intends to use the proceeds to refinance its $250 million 6.75% senior unsecured notes due in 2019.
“Our ratings on Oaktree reflect its high share of stable funds with multiyear lock-ups that provide a very predictable form of income, long track record of successful investing especially within the credit asset class, good balance sheet liquidity and low leverage with debt to EBITDA well below 1.5x,” the agency said in a news release.
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