Chicago, Feb. 12 – Oak Hill Advisors (Europe), LLP sold a new €284.8 million euro-denominated collateralized loan obligation transaction due April 25, 2035, according to a market source.
In the offering, Oak Hill European Credit Partners VIII DAC sold €170.4 million of class A senior secured floating-rate notes at Euribor plus 90 basis points, €15.1 million of class B-1 senior secured floating-rate notes at Euribor plus 150 bps and €12.5 million of class B-2 1.8% senior secured fixed-rate notes.
Also included in the portfolio are €18.7 million of class C senior secured deferrable floating-rate notes at Euribor plus 240 bps, €19.2 million of class D senior secured deferrable floating-rate notes at Euribor plus 340 bps, €14 million of class E senior secured deferrable floating-rate notes at Euribor plus 600 bps, €8.4 million of class F senior secured deferrable floating-rate notes at Euribor plus 800 bps and €26.5 million of subordinated notes.
Citigroup Global Markets Ltd. is working as the placement agent.
Oak Hill Advisors will manage the portfolio, which comes with a four-year reinvestment period.
The portfolio is expected to be about 85% ramped at closing with the CLO collateralized by primarily senior secured obligations from borrowers primarily in Western Europe.
Oak Hill Advisors (Europe) is a credit manager based in London.
| Issuer: | Oak Hill European Credit Partners VIII DAC
|
| Amount: | $284.8 million
|
| Maturity: | April 25, 2035
|
| Securities: | Fixed-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Ltd.
|
| Manager: | Oak Hill Advisors (Europe), LLP
|
| Pricing date: | Feb. 12
|
| Settlement date: | March 15
|
|
|
| Class A notes
|
| Amount: | €170.4 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 90 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class B-1 notes
|
| Amount: | €15.1 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 150 bps
|
| Rating: | Moody's: Aa2
|
|
|
| Class B-2 notes
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| Amount: | €12.5 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 1.8%
|
| Rating: | Moody's: Aa2
|
|
|
| Class C notes
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| Amount: | €18.7 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 240 bps
|
| Rating: | Moody's: A2
|
|
|
| Class D notes
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| Amount: | €19.2 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 340 bps
|
| Rating: | Moody's: Baa3
|
|
|
| Class E notes
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| Amount: | €14 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 600 bps
|
| Rating: | Moody's: Ba3
|
|
|
| Class F notes
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| Amount: | €8.4 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 800 bps
|
| Rating: | Moody's: B3
|
|
|
| Subordinated notes
|
| Amount: | €26.5 million
|
| Securities: | Subordinated notes
|
|
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