Oak Hill reprices $372.5 million; secondary active; LibreMax to acquire CLO manager

By Cristal Cody

Tupelo, Miss., Nov. 9 – Oak Hill Advisors LP priced $372.5 million of notes in a refinancing and reset of a 2015 CLO offering that closed on Thursday.

Oak Hill Advisors priced $372.5 million of notes in a refinancing and reset of the vintage 2015 OHA Credit Partners XI, Ltd./OHA Credit Partners XI, Inc. transaction, according to a market source and a notice of executed supplemental indenture on Thursday.

The CLO priced $232 million of class A-1-R senior secured floating-rate notes at Libor plus 115 basis points at the top of the capital structure.

Wells Fargo Securities LLC was the refinancing agent.

Nearly $140 billion of CLOs have been refinanced year to date out of about $170 billion of volume forecast for the year, according to market sources.

In other market activity, CLO manager Trimaran Advisors, LLC will be acquired by LibreMax Capital, LLC, a New York-based structured credit asset management firm, according to a news release on Friday.

Trimaran, currently the portfolio company of business development company KCAP Financial, manages six CLOs with about $3 billion of assets under management.

The acquisition is expected to close by the end of the year.

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