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ING Capital Agent $80MM Upsize for Oaktree Specialty Lending

February 27, 2019, 09:00 AM
Filed Under: Lender Finance

Oaktree Specialty Lending Corporation announced that it has upsized and extended its senior secured revolving credit facility. Total commitments to the amended facility increased from $600 million to $680 million and the final maturity was extended from November 2021 to February 2024.

According to a regulatory filing, ING Capital LLC served as administrative agent, ING Capital LLC, JPMorgan Chase Bank, N.A. and Merrill Lynch, Pierce, Fenner & Smith Incorporated acted as joint lead arrangers and joint bookrunners, and JPMorgan Chase Bank, N.A. and Bank of America, N.A. served as syndication agents.

The interest rate on the amended facility was reduced from LIBOR plus 2.25% to 2.75% to LIBOR plus 2.00% to 2.25%, depending on the senior debt coverage ratio. As of today, the interest rate is LIBOR plus 2.00%. In addition, the asset coverage covenant of the amended facility will automatically be reduced from 200% to 165% once the modified asset coverage requirements under the Investment Company Act of 1940 become applicable to Oaktree Specialty Lending on February 1, 2020.

The amended facility continues to include an accordion feature which would allow Oaktree Specialty Lending to increase the size of the amended facility to a maximum of $1.02 billion, under certain conditions.                                                                                                                                  

Matt Pendo, Chief Operating Officer, said, “We are pleased to have amended our credit facility, achieving favorable pricing and terms, increasing its size, extending the maturity date and enhancing flexibility by modifying the asset coverage covenant. We appreciate the continued support from our banking partners to complete these amendments, which we believe reflects the confidence that they have in Oaktree as a manager and the significant progress we have made in repositioning OCSL’s portfolio.”

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