Oaktree Specialty Lending entered into a new secured revolving credit facility with a $600 million capacity and a maturity date of November 2020. The final maturity date will occur one year following the end of the revolving period. The interest rate on the facility ranges from LIBOR plus 2.25% to 2.75%, with the initial pricing at LIBOR plus 2.25%.
According to a related 8-K filing, ING Capital served as administrative agent. ING Capital, J.P. Morgan and Bank of America Merrill Lynch served as joint lead arrangers. Five new members joined the syndicate, which includes Barclays Bank, JPMorgan, Morgan Stanley Bank, Stifel Bank and Trust, Tristate Capital Bank, UBS Stamford Branch and Webster Bank.
The total number of lenders is now 14. The facility includes the usual and customary representations and warranties, covenants and events of default for senior secured facilities of this nature.
“We are pleased to have entered into this new credit facility, achieving attractive pricing and terms, increasing its size and extending the revolving period from the previous facility,” said Matt Pendo, CEO of Oaktree Specialty Lending. “We appreciate the continued support of our lending partners and welcome the new members to the syndicate. This new facility allows us to efficiently fund Oaktree Specialty Lending and is a sign of the support and confidence in the Oaktree platform and our approach to credit investing.”
Oaktree Specialty Lending is a specialty finance company dedicated to providing customized one-stop credit solutions to companies with limited access to public or syndicated capital markets.