By Cristal Cody
Tupelo, Miss., Dec. 6 – Oak Hill Advisors LP priced $682,457,000 of notes in a second refinancing of a vintage 2015 broadly syndicated collateralized loan obligation transaction, according to a market source and a notice of executed third supplemental indenture on Friday.
OHA Loan Funding 2015-1, Ltd./OHA Loan Funding 2015-1 Inc. sold $409 million of class A-1-R2 floating-rate notes at Libor plus 134 basis points, $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 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.
Citigroup Global Markets Inc. was the refinancing agent.
Oak Hill Advisors will continue to manage the CLO.
The maturity on the refinanced notes was extended to Nov. 15, 2032 from Jan. 23, 2027.
The notes are callable on or after the payment date in November 2021. The reinvestment period ends in November 2024.
OHA Loan Funding 2015-1 was first refinanced in a $330 million transaction issued on Dec. 5, 2016.
In that offering, the CLO sold $220 million of class A-R floating-rate notes at Libor plus 135 bps; $38 million of class B-1-R floating-rate notes at Libor plus 185 bps; $11.5 million of 3.72% class B-2-R fixed-rate notes; $25.5 million of class C-R deferrable floating-rate notes at Libor plus 260 bps; $18 million of class D-R deferrable floating-rate notes at Libor plus 415 bps and $17 million of class E-R deferrable floating-rate notes at Libor plus 725 bps.
The CLO was originally issued on March 26, 2015.
Proceeds from the latest transaction were used to redeem the outstanding notes.
Oak Hill is an investment firm based in New York City.
| Issuer: | OHA Loan Funding 2015-1, Ltd.
|
| Amount: | $682,457,000 refinancing
|
| Maturity: | Nov. 15, 2032
|
| Securities: | Fixed- and floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Citigroup Global Markets Inc.
|
| Manager: | Oak Hill Advisors LP
|
| Call feature: | November 2021
|
| Settlement date: | Dec. 6
|
|
|
| Class A-1-R2 notes
|
| Amount: | $409 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 134 bps
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class A-2-R2 notes
|
| Amount: | $7 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 3.2477%
|
| Ratings: | S&P: Non-rated
|
| Fitch: AAA
|
|
|
| Class B-1-R2 notes
|
| Amount: | $70 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-2-R notes
|
| Amount: | $4.4 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 3.5081%
|
| Rating: | S&P: AA
|
|
|
| Class C-R2 notes
|
| Amount: | $38.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 265 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R2 notes
|
| Amount: | $39 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 400 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R2 notes
|
| Amount: | $25.4 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 700 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $89,157,000
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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