Oak Hill offers $603.5 million CLO; new issue volume down 5% year to date; Acis goes private

By Cristal Cody

Tupelo, Miss., Feb. 20 – Oak Hill Advisors LP is marketing a new $603.5 million CLO deal in the manager’s first transaction of the year.

Morgan Stanley & Co. LLC is the placement agent for the OHA Credit Funding 2, Ltd./OHA Credit Funding 2, LLC transaction.

Meanwhile, new issuance is down 5% year to date, compared to the same period last year, Wells Fargo Securities LLC senior analyst Dave Preston and associate analyst Mackenzie Miller said in a report on Wednesday.

However, volume in February as of Tuesday is up 7% versus the same period in 2018, according to the report.

“Heavy secondary supply has weighed on spreads,” the analysts noted.

In other market activity on Wednesday, Acis Capital Management, LP and Acis Capital Management GP, LLC announced they have emerged from Chapter 11 bankruptcy proceedings as a privately held company owned and operated by former partner Joshua N. Terry.

Before the bankruptcy, Acis was owned by Highland Capital Management, LP and its affiliates.

Under the plan of reorganization that became effective Feb. 15, creditors will be paid in full.

Acis Capital Management’s last new CLO offering was in 2017 when it issued the $405.5 million Acis CLO 2017-7 Ltd. deal on April 20, 2017.

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