Preliminary Ratings Assigned To Five Classes From OHA Loan Funding 2013-1 Ltd. In Connection With Proposed Refinancing

Stocks and Financial Services Press Releases Thursday February 16, 2017 08:59
CHARLOTTESVILLE--16 Feb--S&P Global Ratings

CHARLOTTESVILLE (S&P Global Ratings) Feb. 15, 2017--S&P Global Ratings today assigned its preliminary ratings to the class A-R, B-1-R, B-2-R, C-R, and D-R replacement notes from OHA Loan Funding 2013-1 Ltd., a collateralized loan obligation (CLO) originally issued in 2013 that is managed by Oak Hill Advisors L.P. (see list).

The preliminary ratings reflect our opinion that the credit support available is commensurate with the associated rating levels. The refinanced notes are all expected to be issued with a lower coupon than the original notes.

The preliminary ratings are based on information as of Feb. 15, 2017. Subsequent information may result in the assignment of final ratings that differ from the preliminary ratings.

On the March 1, 2017, refinancing date, the proceeds from the replacement note issuance are expected to redeem the original notes. At that time, we anticipate withdrawing the ratings on the original notes and assigning ratings to the replacement notes. However, if the refinancing doesn't occur, we may affirm the ratings on the original notes and withdraw our preliminary ratings on the replacement notes. The class E and F notes are not part of this refinancing, and we expect to raise the ratings on the class E notes and affirm the rating on the class F notes on the refinancing date.

The replacement notes are being issued via a proposed supplemental indenture, which, in addition to outlining the terms of the replacement notes, will also incorporate the updated S&P Global Ratings recovery methodology and non-model version of Standard & Poor's CDO Monitor.


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