Chicago, June 9 – Oak Hill Advisors LP sold a new $603.5 million collateralized loan obligation transaction with OHA Credit Funding 9 Ltd./OHA Credit Funding 9 LLC as co-issuers, according to a pre-sale report.
The notes will mature July 19, 2035.
The CLO has $3 million of class X senior secured floating-rate notes at Libor plus 70 basis points, $375 million of class A-1 senior secured floating-rate notes at Libor plus 114 bps, $6 million of class A-2 senior secured floating-rate notes at Libor plus 140 bps and $75 million of class B senior secured floating-rate notes at Libor plus 170 bps.
Lower, there are $36 million of class C senior secured deferrable floating-rate notes at Libor plus 190 bps, $36 million of class D senior secured deferrable floating-rate notes at Libor plus 295 bps and $24 million of class E senior secured deferrable floating-rate notes at Libor plus 625 bps.
There are also $48.5 million of subordinated notes.
BofA Securities Inc. is the initial purchaser.
Oak Hill will manage the collateral through the end of the reinvestment period on July 19, 2026.
Collateral comes from broadly syndicated speculative-grade senior secured term loans, for the most part.
The notes can be called after July 19, 2023.
The investment firm is based in New York City.
Issuers: | OHA Credit Funding 9 Ltd./OHA Credit Funding 9 LLC
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Issue: | Floating-rate and subordinated notes
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Amount: | $603.5 million
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Maturity: | July 19, 2035
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Structure: | Cash flow CLO
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Placement agent: | BofA Securities Inc.
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Manager: | Oak Hill Advisors LP
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Call feature: | July 19, 2023
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Settlement date: | June 8
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|
Class X notes
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Amount: | $3 million
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Securities: | Senior secured floating-rate notes
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Coupon: | Libor plus 70 bps
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Rating: | S&P: AAA
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|
Class A-1 notes
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Amount: | $375 million
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Securities: | Senior secured floating-rate notes
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Coupon: | Libor plus 114 bps
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Rating: | S&P: AAA
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| Fitch: AAA
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Class A-2 notes
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Amount: | $6 million
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Securities: | Senior secured floating-rate notes
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Coupon: | Libor plus 140 bps
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Rating: | Fitch: AAA
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|
Class B notes
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Amount: | $75 million
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Securities: | Senior secured floating-rate notes
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Coupon: | Libor plus 170 bps
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Rating: | S&P: AA
|
|
Class C notes
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Amount: | $36 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | Libor plus 190 bps
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Rating: | S&P: A
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|
Class D notes
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Amount: | $36 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | Libor plus 295 bps
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Rating: | S&P: BBB-
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|
Class E notes
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Amount: | $24 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | Libor plus 625 bps
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Rating: | S&P: BB-
|
|
Subordinated notes
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Amount: | $48.5 million
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Securities: | Subordinated notes
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