Oaktree Strategic enters $150 million five-year revolver

By Wendy Van Sickle

Columbus, Ohio, Oct. 5 – Oaktree Strategic Credit Fund wholly owned subsidiary OSCF Lending III SPV, LLC entered into a loan and security agreement with Sumitomo Mitsui Banking Corp. as the administrative agent on Sept. 29 to provide for a $150 million senior secured revolving credit facility, according to an 8-K filing with the Securities and Exchange Commission.

The revolver has a three-year reinvestment period and a five-year tenor.

Borrowings bear interest at SOFR plus a margin of 245 basis points to 300 bps, depending on the collateral securing the facility.

There is a non-usage fee on undrawn borrowings of 50 bps for the first three months and 75 bps thereafter.

Proceeds may be used to finance the purchase, on a “true sale” basis, of property and assets comprising the collateral portfolio from time to time; to fund an unfunded exposure account in order to establish reserves for unfunded commitments of revolving loan assets and delayed-draw loan assets included in the collateral portfolio; to distribute such proceeds to the transferor; or to pay transaction costs relating to the agreement.

The fund is managed by Oaktree Capital Management, a specialty finance company based in Los Angeles.

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