Chicago, Aug. 5 – Oak Hill Advisors LP refinanced and extended a collateralized loan obligation issued by OHA Credit Funding 3 Ltd./OHA Credit Funding 3 LLC for $708.5 million, according to a pre-sale report.
The notes will mature on July 2, 2035.
The CLO consists of $1.5 million of class X-R senior secured floating-rate notes at Libor plus 60 basis points, $434 million of class A-R senior secured floating-rate notes at Libor plus 114 bps, $98 million of class B-R senior secured floating-rate notes at Libor plus 165 bps, $42 million of class C-R senior secured deferrable floating-rate notes at Libor plus 195 bps, $42 million of class D-R senior secured deferrable floating-rate notes at Libor plus 290 bps, $26.5 million of class E-R senior secured deferrable floating-rate notes at Libor plus 625 bps and$64.5 million of subordinated notes.
Oak Hill Advisors LP will manage the collateral through the end of the reinvestment period on July 2, 2026.
The notes can be called starting July 2, 2023.
Citigroup Global Markets Inc. was the placement agent.
Oak Hill Advisors is a New York City-based investment firm.
| Issuer: | OHA Credit Funding 3 Ltd./OHA Credit Funding 3 LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $708.5 million
|
| Maturity: | July 2, 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | Oak Hill Advisors LP
|
| Call feature: | July 2, 2023
|
| Settlement date: | July 2
|
|
|
| Class X-R notes
|
| Amount: | $1.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 60 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-R notes
|
| Amount: | $434 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 114 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | $98 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $42 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 195 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $42 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 290 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R notes
|
| Amount: | $26.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 625 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $64.5 million
|
| Securities: | Subordinated notes
|
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