Chicago, Jan. 7 – Oak Hill Advisors LP refinanced and extended for $684.06 million the collateralized loan obligation issued by OHA Loan Funding 2015-1 Ltd./OHA Loan Funding 2015-1 Inc., according to a pre-sale report.
The notes will mature on Jan. 19, 2037.
The refinanced CLO consists of $1.5 million of class X senior secured floating-rate notes at Libor plus 70 basis points, $400 million of class A-R3 senior secured floating-rate notes at Libor plus 115 bps, $90.2 million of class B-R3 senior secured floating-rate notes at Libor plus 170 bps, $38.7 million of class C-R3 senior secured deferrable floating-rate notes at Libor plus 205 bps, $38.7 million of class D-R3 senior secured deferrable floating-rate notes at Libor plus 320 bps, $25.8 million of class E-R3 senior secured deferrable floating-rate notes at Libor plus 665 bps and $89.16 million of subordinated notes.
The original CLO sold $409 million of class A-1-R2 floating-rate notes at Libor plus 134 bps, $7 million of 3.2477% class A-2-R2 fixed-rate notes, $70 million of class B-1-R2 floating-rate notes at Libor plus 190 bps and $4.4 million of 3.5081% class B-2-R2 fixed-rate notes.
The CLO also initially priced $38.5 million of class C-R2 deferrable floating-rate notes at Libor plus 265 bps, $39 million of class D-R2 deferrable floating-rate notes at Libor plus 400 bps, $25.4 million of class E-R deferrable floating-rate notes at Libor plus 700 bps and $89,157,000 of subordinated notes.
Oak Hill Advisors LP will manage the collateral through the end of the reinvestment period on Jan. 19, 2027.
Collateral comes from a pool of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting Dec. 2, 2023.
Barclays was the placement agent.
Oak Hill is an investment firm based in New York City.
| Issuer: | OHA Loan Funding 2015-1 Ltd./OHA Loan Funding 2015-1 Inc.
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $684.06 million
|
| Maturity: | Jan. 19, 2037
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays
|
| Manager: | Oak Hill Advisors LP
|
| Call feature: | Dec. 2, 2023
|
| Settlement date: | Dec. 2
|
|
|
| Class X notes
|
| Amount: | $1.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 70 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-R3 notes
|
| Amount: | $400 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 115 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-R3 notes
|
| Amount: | $90.2 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R3 notes
|
| Amount: | $38.7 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 205 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R3 notes
|
| Amount: | $38.7 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 320 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R3 notes
|
| Amount: | $25.8 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 665 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $89.16 million
|
| Securities: | Subordinated notes
|
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