Oaktree Specialty Lending Corporation Prices Public Offering of $300,000,000 7.100% Notes due 2029
August 08 2023 - 6:05PM
Oaktree Specialty Lending Corporation (NASDAQ: OCSL) (“OCSL” or the
“Company”), a specialty finance company, today announced that it
has priced an underwritten public offering of $300.0 million
aggregate principal amount of 7.100% notes due 2029. The notes will
mature on February 15, 2029 and may be redeemed in whole or in part
at the Company’s option at any time at par plus a “make-whole”
premium, if applicable.
OCSL expects to use the net proceeds of this offering to reduce
its outstanding debt under its revolving credit facilities and for
general corporate purposes.
BofA Securities, Inc., RBC Capital Markets, LLC, J.P. Morgan
Securities LLC, and SMBC Nikko Securities America, Inc. are acting
as joint book-running managers for this offering. ING Financial
Markets LLC, BNP Paribas Securities Corp., CIBC World Markets
Corp., Citigroup Global Markets Inc., Keefe, Bruyette & Woods,
A Stifel Company, Barclays Capital Inc., Deutsche Bank Securities
Inc., Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC,
Wells Fargo Securities, LLC, CIT Capital Securities LLC, B. Riley
Securities, Inc., Citizens JMP Securities, LLC, Hovde Group, LLC,
Jefferies LLC, Oppenheimer & Co. Inc. and R. Seelaus & Co.,
LLC are acting as co-managers for this offering. The offering is
expected to close on August 15, 2023, subject to customary closing
conditions.
Investors are advised to carefully consider the
investment objective, risks, charges and expenses of OCSL before
investing. The pricing term sheet dated August 8, 2023, the
preliminary prospectus supplement dated August 8, 2023 and the
accompanying prospectus dated February 7, 2023, each of which have
been filed with the Securities and Exchange Commission, contain
this and other information about the Company and should be read
carefully before investing.
The pricing term sheet, the preliminary prospectus supplement,
the accompanying prospectus and this press release are not offers
to sell any securities of OCSL and are not soliciting an offer to
buy such securities in any jurisdiction where such offer and sale
is not permitted.
The offering may be made only by means of a preliminary
prospectus supplement and an accompanying prospectus. Copies of the
preliminary prospectus supplement (and accompanying prospectus) may
be obtained from BofA Securities, Inc., NC1-022-02-25, 201 North
Tryon Street, Charlotte NC 28255-0001, Attn: Prospectus Department,
or by calling 1-800-294-1322, or email
dg.prospectus_requests@bofa.com; J.P. Morgan Securities LLC, 383
Madison Avenue, New York NY 10179, Attn: Investment Grade Syndicate
Desk, 1-212-834-4533, fax: 212-834-6081; RBC Capital Markets, LLC
at Brookfield Place, 200 Vesey Street, 8th Floor, New York, New
York 10281, toll-free: 1-866-375-6829; or SMBC Nikko
Securities America, Inc. at 277 Park Avenue, New York, New York
10172, Attn: Debt Capital Markets, 1-888-868-6856.
About Oaktree Specialty Lending Corporation
Oaktree Specialty Lending Corporation (NASDAQ:OCSL) is a
specialty finance company dedicated to providing customized
one-stop credit solutions to companies with limited access to
public or syndicated capital markets. The Company’s investment
objective is to generate current income and capital appreciation by
providing companies with flexible and innovative financing
solutions including first and second lien loans, unsecured and
mezzanine loans, and preferred equity. The Company is regulated as
a business development company under the Investment Company Act of
1940, as amended, and is externally managed by Oaktree Fund
Advisors, LLC, an affiliate of Oaktree Capital Management, L.P.
Forward-Looking Statements
Some of the statements in this press release constitute
forward-looking statements because they relate to future events,
future performance or financial condition. The forward-looking
statements may include statements as to: future operating results
of the Company and distribution projections; business prospects of
the Company and the prospects of its portfolio companies; and the
impact of the investments that the Company expects to make. In
addition, words such as “anticipate,” “believe,” “expect,” “seek,”
“plan,” “should,” “estimate,” “project” and “intend” indicate
forward-looking statements, although not all forward-looking
statements include these words. The forward-looking statements
contained in this press release involve risks and uncertainties.
Certain factors could cause actual results and conditions to differ
materially from those projected, including the uncertainties
associated with (i) changes in the economy, financial markets and
political environment, including the impacts of inflation and
rising interest rates; (ii) risks associated with possible
disruption in the operations of the Company or the economy
generally due to terrorism, war or other geopolitical conflict
(including the current conflict between Russia and Ukraine),
natural disasters or pandemics; (iii) future changes in laws or
regulations (including the interpretation of these laws and
regulations by regulatory authorities); (iv) conditions in the
Company’s operating areas, particularly with respect to business
development companies or regulated investment companies; and (v)
other considerations that may be disclosed from time to time in the
Company’s publicly disseminated documents and filings. The Company
has based the forward-looking statements included in this press
release on information available to it on the date of this press
release, and the Company assumes no obligation to update any such
forward-looking statements. The Company undertakes no obligation to
revise or update any forward-looking statements, whether as a
result of new information, future events or otherwise, you are
advised to consult any additional disclosures that it may make
directly to you or through reports that the Company in the future
may file with the Securities and Exchange Commission, including
annual reports on Form 10-K, quarterly reports on Form 10-Q and
current reports on Form 8-K.
ContactsInvestor Relations:Oaktree Specialty
Lending CorporationMichael
Mosticchio(212) 284-1900ocsl-ir@oaktreecapital.com
Oaktree Specialty Lending (NASDAQ:OCSL)
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