By Cristal Cody
Tupelo, Miss., Aug. 7 – Oak Hill Advisors LP refinanced $572 million of notes due May 15, 2023 in the OHA Credit Partners VI Ltd. collateralized loan obligation deal originally priced in 2012, according to a market source.
The CLO sold $399 million of class A-R senior secured floating-rate notes at Libor plus 128 basis points. The original class A notes priced at Libor plus 132 bps.
The CLO refinanced $83.5 million of class B-1-R senior secured floating-rate notes at Libor plus 230 bps. The CLO originally sold $58.5 million of class B-1 senior secured floating-rate notes at Libor plus 240 bps and $25 million of 3.64% class B-2 senior secured fixed-rate notes. The two tranches were combined into one class of floating-rate notes in the refinanced CLO.
OHA Credit Partners VI priced $43.5 million of class C-1-R deferrable floating-rate notes at Libor plus 315 bps. The CLO originally sold $30 million of class C-1 deferrable floating-rate notes at Libor plus 315 bps and $13.5 million of 4.7% class C-2 deferrable fixed-rate notes. The two tranches were combined into one class of floating-rate notes in the refinanced deal.
The CLO also refinanced $33 million of class D-R deferrable floating-rate notes at Libor plus 435 bps. The original class D notes priced at Libor plus 450 bps.
In the final tranche, the CLO sold $13 million of class E-1 deferrable floating-rate notes at Libor plus 550 bps, the same coupon as the original issuance.
The original deal’s $19.5 million tranche of class E-2 deferrable floating-rate notes, issued at Libor plus 430 bps, was not refinanced.
Morgan Stanley & Co. LLC was the refinancing agent.
Oak Hill Advisors is the CLO manager.
The deal is backed primarily by broadly syndicated first-lien senior secured corporate loans.
Proceeds from the refinancing will be used to redeem the original notes.
Oak Hill Advisors has priced one new U.S. CLO year to date.
The New York City-based investment firm brought three CLO deals to market in 2014.
| Issuer: | OHA Credit Partners VI Ltd.
|
| Amount: | $572 million Refinancing
|
| Maturity: | May 15, 2023
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Morgan Stanley & Co. LLC
|
| Manager: | Oak Hill Advisors LP
|
| Pricing date: | Aug. 6
|
| Settlement date: | Aug. 17
|
|
|
| Class A-R notes
|
| Amount: | $399 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 128 bps
|
| Rating: | Standard & Poor’s: AAA
|
|
|
| Class B-1-R notes
|
| Amount: | $83.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 230 bps
|
| Rating: | Standard & Poor’s: AA+
|
|
|
| Class C-1-R notes
|
| Amount: | $43.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 315 bps
|
| Rating: | Standard & Poor’s: AA
|
|
|
| Class D-R notes
|
| Amount: | $33 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 435 bps
|
| Rating: | Standard & Poor’s: A
|
|
|
| Class E-1-R notes
|
| Amount: | $13 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 550 bps
|
| Rating: | Standard & Poor’s: BB+
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
