Oak Hill Advisors refinances two 2014 CLOs; Investcorp refinances 3i’s former European CLO

By Cristal Cody

Tupelo, Miss., March 17 – Oak Hill Advisors LP came to the CLO market to refinance two vintage 2014 CLOs in March.

Oak Hill Advisors refinanced $644 million of floating-rate notes in the OHA Credit Partners X, Ltd./OHA Credit Partners X, Inc. deal.

The firm also priced $613.8 million of fixed-and floating-rate notes in a refinancing of the OHA Loan Funding 2014-1, Ltd./OHA Loan Funding 2014-1 Inc. transaction.

In the European CLO market, Investcorp Credit Management EU Ltd. refinanced €321.7 million of CLO notes in its CLO first transaction since acquiring 3i Debt Management Investments Ltd. in late 2016.

U.S. CLO managers have refinanced about $32 billion of vintage CLOs in 2017, while about €4 billion of euro-denominated CLOs have been refinanced year to date.

Oak Hill’s $644 million

Oak Hill Advisors refinanced $644 million of notes due July 20, 2026 at par in the vintage 2014 OHA Credit Partners X transaction, according to a market source.

The CLO priced $463.5 million of class A-R floating-rate notes at Libor plus 113 basis points in the senior tranche.

Morgan Stanley & Co. LLC was the refinancing agent.

The CLO manager is Oak Hill Advisors.

Proceeds were used to redeem the original notes on Friday.

Oak Hill Advisors has refinanced two vintage CLOs year to date.

The New York City-based investment firm priced one new CLO and refinanced two vintage deals in 2016.

Oak Hill again

Oak Hill Advisors also refinanced $613.8 million of notes due Oct. 20, 2026 at par in the OHA Loan Funding 2014-1 deal, according to a market source.

OHA Loan Funding 2014-1 priced $507 million of class A-1-R floating-rate notes at Libor plus 115 bps at the top of the capital structure.

Morgan Stanley & Co. LLC was the refinancing agent.

The CLO manager is Oak Hill Advisors.

Investcorp refinances Harvest CLO

Investcorp Credit Management EU refinanced €321.7 million of notes in a reset of a euro-denominated CLO first priced in 2013, according to a market source.

Harvest CLO VII Ltd. sold €174.9 million of floating-rate notes at Euribor plus 92 bps in the class A-R tranche.

J.P. Morgan Securities plc was the refinancing agent.

Investcorp Credit Management EU will manage the CLO.

The maturity on the refinanced notes was extended to April 12, 2031 from the original Oct. 12, 2025 maturity.

The CLO is collateralized primarily by senior secured loans and bonds.

Investcorp Credit Management EU is a subsidiary of Bahrain-based Investcorp Bank B.S.C.

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