Paul, Weiss client Oak Hill Advisors priced its collateralized
loan obligation (CLO) fund, Oak Hill Credit Partners VII. The total
capitalization of the fund is $770 million, making it the largest
broadly syndicated CLO of 2012 thus far. The CLO was hailed as
"groundbreaking" by Creditflux, a leading news source for
the credit markets, which also noted that Oak Hill Advisor's CLO is
the largest arbitrage CLO since the beginning of the credit crisis.
Oak Hill Advisors serves as portfolio manager to the fund, and B of
A Merrill Lynch is the placement agent. The fund, a Cayman Islands
SPV, will issue multiple classes of Senior secured, floating and
fixed rate Notes, and Subordinated Notes. The deal is set to close
in the first week of November.
The Paul, Weiss team consisted of corporate partner Eric Goodison
and counsel Bruce
Gruder; tax partner David Sicular; and ERISA counsel Erin Murphy.