Press release
T. ROWE PRICE OHA SELECT PRIVATE CREDIT FUND ANNOUNCES JUNE 30, 2024 FINANCIAL RESULTS AND DECLARED TOTAL DISTRIBUTIONS OF $0.84 PER SHARE IN Q2 2024
NEW YORK, Aug. 7, 2024 /PRNewswire/ -- T. Rowe Price OHA Select Private Credit Fund (the "Company" or "OCREDIT") today announced financial results and
About this update from T. Rowe Price Group, Inc.
[{"type":"text","content":"NEW YORK, Aug. 7, 2024 /PRNewswire/ -- T. Rowe Price OHA Select Private Credit Fund (the \"Company\" or \"OCREDIT\") today announced financial results and declared total distributions of $0.84 per share for the quarter ended June 30, 2024.\n\n\"We continue to be pleased with OCREDIT's performance, and the relative value offered by our private credit investments,\" said Eric Muller, OCREDIT's Chief Executive Officer. \"Demand for private credit remains strong from both our sponsor borrowers and wealth channel distribution partners. We anticipate an acceleration of M&A activity through remainder of this year, bolstered by expected rate cuts, providing additional unique investment opportunities.\" \nQUARTERLY HIGHLIGHTS5\nNet investment income per share was $0.77 with weighted average yield on debt and income producing investments, at amortized cost of 12.5%1;Earnings per share were $0.68 with inception-to-date2 annualized total return of 14.96%3; Net asset value per share as of June 30, 2024 was $27.98, down 0.6% from $28.15 as of March 31, 2024;Gross and net investment fundings were $412.6 million and $293.1 million, respectively;Ending debt-to-equity was 0.74x, as compared to 0.61x as of March 31, 2024;The Company had total net debt outstanding of $740.3 million with a decrease in weighted average interest rate of debt from 7.9% to 7.8% quarter over quarter. Subsequent to quarter end, the Company entered into a Second Amendment to the Amended and Restated Revolving Credit and Security Agreement with BNP Paribas (\"BNP,\" \"BNP Credit Facility\"). The Amendment, among other things, reduced the applicable margin for advances from 3.00% to 2.25% per annum prior to the end of the reinvestment period and 2.75% per annum thereafter, and changed the unused commitment fee.During the second quarter of 2024, the Company issued 5,877,975 of Class I common shares for proceeds of $165.2 million and 246,341 of Class S common shares for proceeds of $6.9 million. From July 1, 2024 through August 7, 2024, the Company received total proceeds of $71.5 million from common shareholders in connection with its public offering.4Subsequent to quarter end on July 23, 2024, the Company declared a regular distribution of $0.20 per share and a variable supplemental distribution of $0.03 per share, for total distributions of $0.23 per share, which are payabl...