Published on 5/11/2021 in the Prospect News Investment Grade Daily.
New Issue: Oaktree sells $350 million 2.7% notes due 2027
By Cristal Cody
Chicago, May 11 – Oaktree Specialty Lending Corp. sold $350 million of 2.7% senior notes (Baa3//BBB-) due Jan. 15, 2027, according to a press release.
The notes were talked at Treasuries plus 195 basis points, down from spread talk 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.
| Issuer: | Oaktree Specialty Lending Corp.
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| Issue: | Notes
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| Amount: | $350 million
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| Maturity: | Jan. 15, 2027
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| Bookrunners: | RBC Capital Markets LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and SMBC Nikko Securities America, Inc.
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| Co-managers: | BofA Securities, Inc., ING Financial Markets LLC, J.P. Morgan Securities LLC, MUFG Securities Americas Inc., Barclays Capital Inc., CIBC World Markets Corp., Goldman Sachs & Co. LLC, Keefe, Bruyette & Woods, KeyBanc Capital Markets Inc., Morgan Stanley & Co. LLC, Santander Investment Securities Inc., CIT Capital Securities LLC, R. Seelaus & Co., LLC, Hovde Group, LLC, JMP Securities LLC, Oppenheimer & Co. Inc. and Wells Fargo Securities, LLC
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| Coupon: | 2.7%
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| Call: | Make-whole call then par call
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| Change of control: | At par
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| Trade date: | May 11
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| Settlement date: | May 18
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| Ratings: | Moody’s: Baa3
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| Fitch: BBB-
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| Price talk: | Treasuries plus 195 bps; initial talk in Treasuries plus 215 bps area
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