By Wendy Van Sickle and Cristal Cody
Columbus, Ohio, Nov. 7 – Oaktree Strategic Credit Fund priced $350 million of 8.4% notes due 2028 (Baa3//BBB-) on Tuesday, according to an 8-K filing with the Securities and Exchange Commission.
The notes priced directly on top of talk, at Treasuries plus 400 basis points.
The deal was upsized from $300 million.
BNP Paribas Securities Corp., ING Financial Markets LLC, SMBC Nikko Securities America Inc. and Wells Fargo Securities LLC were considered initial purchasers in a private placement via Section 4(a)(2). The banks will resell the notes to qualified institutional buyers under Rule 144A.
The company intends to use the net proceeds to repay a portion of the amount outstanding under its credit facilities, to fund new investment opportunities and for other general corporate purposes.
The fund is managed by Oaktree Capital Management, a specialty finance company based in Los Angeles.
| Issuer: | Oaktree Strategic Credit Fund
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| Amount: | $350 million
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| Issue: | Notes
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| Maturity: | Nov. 14, 2028
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| Bookrunners: | BNP Paribas Securities Corp., ING Financial Markets LLC, SMBC Nikko Securities America Inc. and Wells Fargo Securities LLC
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| Coupon: | 8.4%
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| Spread: | Treasuries plus 400 bps
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| Pricing date: | Nov. 7
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| Settlement: | Nov. 14
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| Ratings: | Moody’s: Baa3
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| Fitch: BBB-
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| Distribution: | Section 4(a)(2), Rule 144A
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| Price talk: | Treasuries plus 400 bps
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