KBRA Assigns Ratings to OHA Shield PC CLO 1, LLC

KBRA assigns ratings to six classes of notes issued by OHA Shield PC CLO 1, LLC ("OHA PC CLO 1"), a revolving middle market collateralized loan obligation (“CLO”) managed by Oak Hill Advisors, L.P. (“OHA” or the “collateral manager”).

OHA PC CLO 1 features a five-year reinvestment period and the legal final maturity is on June 30, 2037. The ratings reflect expected credit enhancement levels, excess spread, and coverage tests including overcollateralization ratio and interest coverage tests.

The Notes will be partially funded on the closing date, and will fund pro rata thereafter up to the maximum commitment amount, in accordance with defined target capital ratios. During the commitment period, each rated class can be prepaid and subsequently re-borrowed up to the maximum commitment amounts. Prepayments during the commitment period are applied pro-rata across each class and the transaction is required to maintain the target capital ratios and diversity thresholds after giving effect to the prepayments.

OHA is an alternative credit investment firm with $95 billion of assets under management (AUM) as of March 31, 2025, across performing and distressed credit related investments in North America, Europe and other geographies. OHA issued its first CLO in 2001 and has issued 46 U.S. CLOs as of April 30, 2025.

KBRA's ratings on the Class A and B Notes consider the timely payment of interest and ultimate payment of principal by the applicable stated maturity date, while the ratings on the Class C, D, E, and F Notes consider the ultimate payment of interest and principal by the applicable stated maturity date.

To access ratings and relevant documents, click here.

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