Press release
T. ROWE PRICE OHA SELECT PRIVATE CREDIT FUND ANNOUNCES DECEMBER 31, 2023 FINANCIAL RESULTS AND CLOSES PRIVATE PLACEMENT OF $300M 5-YEAR SENIOR UNSECURED NOTES
NEW YORK, March 13, 2024 /PRNewswire/ -- T. Rowe Price OHA Select Private Credit Fund (the "Company" or "OCREDIT") today announced financial results for the
About this update from T. Rowe Price Group, Inc.
[{"type":"text","content":"NEW YORK, March 13, 2024 /PRNewswire/ -- T. Rowe Price OHA Select Private Credit Fund (the \"Company\" or \"OCREDIT\") today announced financial results for the fourth quarter and year ended December 31, 2023, and the closing of a $300M Private Placement of 5-Year Senior Unsecured Notes.\n\n\"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 Chief Executive Officer said. \"The Company's inaugural notes offering pursuant to a private placement marks a milestone in its capital management, and we look forward to continue to scale OCREDIT alongside the growing opportunity in senior private lending for the benefit of our shareholders.\"\nQUARTERLY HIGHLIGHTS\nNet investment income (NII) per share was $1.03 with weighted average yield on debt and income producing investments, at amortized cost of 12.7%1;Earnings per share was $1.42 with inception-to-date2 annualized return of 15.96%3;Net unrealized appreciation on investments was $9.2 million;Net asset value per share as of December 31, 2023 was $28.00, up 1.9% from $27.49 as of September 30, 2023;Gross and net investment fundings were $228.9 million and $208.3 million, respectively;Ending debt-to-equity was 0.79x, as compared to 0.78x as of September 30, 2023;The Company had debt outstanding of $558.6 million with a weighted average cost of debt of 8.0%. During the fourth quarter, the Company had net borrowings of $175 million across their credit facilities;On March 7, 2024, the Company entered into a Master Note Purchase Agreement governing the issuance of $300.0 million in aggregate principal amount of Series 2024A Senior Notes, due March 7, 2029, with a fixed interest rate of 7.77% per year;During the fourth quarter, the Company issued 7,179,054 of Class I common shares for proceeds of $200.6 million. From January 1, 2024 through March 13, 2024, the Company received total proceeds of $125.1 million from common shareholders in connection with its public offering4.DIVIDENDS\nDuring the fourth quarter, the Company declared total distributions of $0.89 per share, of which $0.23 per share was a special distribution declared on December 27, 2023. As of December 31, 2023, the Company's annualized distribution yield (excluding speci...