Oaktree launches $350 million 2.7% notes due January 2027 at Treasuries plus 195 bps

By Devika Patel and Cristal Cody

Knoxville, Tenn., May 11 – Oaktree Specialty Lending Corp. launched a $350 million offering of 2.7% senior notes (expected: Baa3//BBB-) due Jan. 15, 2027 on Tuesday at Treasuries plus 195 basis points, according to a market source and a 497AD filed with the Securities and Exchange Commission.

The notes were expected to price on Tuesday.

The notes were talked previously in the Treasuries plus 215 bps area.

RBC Capital Markets LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and SMBC Nikko Securities America, Inc. were the joint bookrunners.

Proceeds will be used to reduce debt under the company’s syndicated revolving credit facility and for general corporate purposes. As of March 31, the company had $575 million outstanding under the revolver.

The specialty finance company is based in Los Angeles.

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