T. Rowe Price Credit Fund Closes $300M Private Placement
T. Rowe Price’s OHA Select Private Credit Fund (OCREDIT) announced the closing of a $300 million private placement of 5-year senior unsecured notes.
The announcement was made along with the fund’s financial results for the fourth quarter and full year. Last year, OCREDIT returned a weighted average yield on debt and income-producing investments of 12.7%. Net investment income per share was $1.03 by the end of December 2023.
“We are pleased with OCREDIT’s performance and ramp to-date, having grown from $50 million in initial equity commitments to a billion-dollar-plus portfolio of high-quality investments,” Eric Muller, OCREDIT’s CEO said. “The company’s inaugural notes offering pursuant to a private placement marks a milestone in its capital management.”
As of December 31, 2023, the company’s investment portfolio was valued at more than $1.1 billion, comprised of investments in 90 portfolio companies. The investment portfolio was comprised of nearly 91% first lien senior secured loans and just over 9% second lien senior secured loans.
The OCREDIT is a non-diversified, closed-end management investment company.