Oaktree amends credit agreement, extends maturity date to 2026

Chicago, Sept. 20 – Oaktree Capital Group, LLC and Brookfield Asset Management Inc.’s indirect subsidiaries, Oaktree Capital Management, LP, Oaktree Capital II, LP, Oaktree AIF Investments, LP and Oaktree Capital I, LP, entered into a sixth amendment for its credit agreement on Sept. 14, according to an 8-K filing with the Securities and Exchange Commission.

The amendment modifies the agreement that was originally signed March 31, 2014 and lists Wells Fargo Bank, NA as the administrative agent, letter-of-credit issuer and swingline lender.

The maturity date has been extended to Sept. 14, 2026 from Dec. 13, 2024. Potentially, the maturity date can be extended an additional two years.

The assets under management covenant threshold has been reduced to $57.5 billion from $65 billion for management-fee generating assets under management.

The maximum leverage ratio has also been increased to 4x.

Pricing, based on ratings, remains at Libor plus 75 basis points to 150 bps. The commitment fee still varies between 6 bps ad 15 bps.

Wells Fargo Securities, LLC is the lead arranger and bookrunner for the $650 million senior credit facility.

Oaktree Capital is a Los Angeles-based asset management firm.

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