By Cristal Cody
Tupelo, Miss., April 24 - OHA Credit Partners VIII, Ltd./OHA Credit Partners VIII, Inc. raised $415 million in a collateralized loan obligation offering of notes due April 2025, according to a market source.
OHA Credit Partners priced $244 million of class A senior secured floating-rate notes (Aaa) at Libor plus 112 basis points; $57 million of class B senior secured floating-rate notes at Libor plus 165 bps; $29 million of class C mezzanine secured deferrable floating-rate notes at Libor plus 270 bps; $21.5 million of class D mezzanine secured deferrable floating-rate notes at Libor plus 350 bps; $18 million of class E junior secured deferrable floating-rate notes at Libor plus 440 bps; $9 million of class F junior secured deferrable floating-rate notes at Libor plus 550 bps; and $36.5 million of subordinated notes.
The notes have a two-year non-call period.
BofA Merrill Lynch arranged the transaction.
Oak Hill Advisors, LP will manage the cash flow CLO, which is backed by a broadly syndicated loan portfolio.
| Issuer: | OHA Credit Partners VIII, Ltd./OHA Credit Partners VIII, Inc.
|
| Amount: | $415 million
|
| Maturity: | April 2025
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Merrill Lynch
|
| Manager: | Oak Hill Advisors, LP
|
| Call feature: | Two years
|
| Settlement date: | May 15
|
|
|
| Class A notes
|
| Amount: | $244 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 112 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class B notes
|
| Amount: | $57 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Rating: | Non-rated
|
|
|
| Class C notes
|
| Amount: | $29 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 270 bps
|
| Rating: | Non-rated
|
|
|
| Class D notes
|
| Amount: | $21.5 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 350 bps
|
| Rating: | Non-rated
|
|
|
| Class E notes
|
| Amount: | $18 million
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 440 bps
|
| Rating: | Non-rated
|
|
|
| Class F notes
|
| Amount: | $9 million
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 550 bps
|
| Rating: | Non-rated
|
|
|
| Subordinated notes
|
| Amount: | $36.5 million
|
| Securities: | Subordinated notes
|
| Rating: | Non-rated
|
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