By Cristal Cody
Tupelo, Miss., Nov. 9 – Oak Hill Advisors LP priced $372.5 million of notes in a refinancing and reset of the vintage 2015 OHA Credit Partners XI, Ltd./OHA Credit Partners XI, Inc. transaction, according to a market source and a notice of executed supplemental indenture on Thursday.
The CLO priced $232 million of class A-1-R senior secured floating-rate notes at Libor plus 115 basis points; $25 million of class A-2-R senior secured floating-rate notes at Libor plus 145 bps; $48 million of class B-R senior secured floating-rate notes at Libor plus 165 bps; $23 million of class C-R mezzanine secured deferrable floating-rate notes at Libor plus 215 bps; $24 million of class D-R mezzanine secured deferrable floating-rate notes at Libor plus 295 bps; $14.25 million of class E-R junior secured deferrable floating-rate notes at Libor plus 575 bps and $6.25 million of class F junior secured deferrable floating-rate notes at Libor plus 790 bps.
Wells Fargo Securities LLC was the refinancing agent.
Oak Hill Advisors will continue to manage the CLO.
The maturity on the notes was extended to Jan. 20, 2032 from the original Oct. 20, 2028 maturity.
The reset CLO has a two-year non-call period and a five-year reinvestment period.
Oak Hill Advisors previously issued the $407.71 million OHA Credit Partners XI, Ltd./OHA Credit Partners XI LLC deal on Nov. 18, 2015. In that offering, the CLO sold $254 million of class A floating-rate notes at Libor plus 150 bps; $42 million of class B floating-rate notes at Libor plus 220 bps; $24.75 million of class C floating-rate notes at Libor plus 320 bps; $25 million of class D floating-rate notes at Libor plus 430 bps; $22.25 million of class E floating-rate notes at Libor plus 670 bps; $4.25 million of class F floating-rate notes at Libor plus 810 bps and $35.46 million of subordinated notes.
Proceeds were used to redeem the original notes.
The CLO is collateralized primarily by broadly syndicated senior secured corporate loans.
Oak Hill Advisors is a New York City-based investment firm.
| Issuer: | OHA Credit Partners XI, Ltd./OHA Credit Partners XI, Inc.
|
| Amount: | $372.5 million refinancing
|
| Maturity: | Jan. 20, 2032
|
| Securities: | Fixed- and floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Wells Fargo Securities LLC
|
| Manager: | Oak Hill Advisors LP
|
| Call feature: | Two years
|
| Pricing date: | Oct. 31
|
| Closing date: | Nov. 8
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class A-1-R notes
|
| Amount: | $232 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 115 bps
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class A-2-R notes
|
| Amount: | $25 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 145 bps
|
| Ratings: | S&P: Non-rated
|
| Fitch: AAA
|
|
|
| Class B-R notes
|
| Amount: | $48 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Ratings: | S&P: AA
|
| Class C-R notes
|
| Amount: | $23 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 215 bps
|
| Ratings: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $24 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 295 bps
|
| Ratings: | S&P: BBB-
|
|
|
| Class E-R notes
|
| Amount: | $14.25 million
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 575 bps
|
| Ratings: | S&P: BB-
|
|
|
| Class F-R notes
|
| Amount: | $6.25 million
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 790 bps
|
| Ratings: | S&P: B-
|
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