Oaktree Acquisition III, the third blank check company led by the head of Oaktree Capital's Value Equities group, filed on Friday with the SEC to raise up to $325 million in an initial public offering.
The Los Angeles, CA-based company plans to raise $325 million by offering 32.5 million units at $10. Each unit consists of one share of common stock and one-fifth of a warrant, exercisable at $11.50. At the proposed deal size, Oaktree Acquisition III would command a market value of $406 million.
The company is led by CEO and Director Patrick McCaney, who has served as Portfolio Manager for Oaktree's Value Equities strategy since its inception, and Chairman John Frank, who currently serves as Oaktree's Vice Chairman. The company plans to leverage its management team's experience and target a business in the industrial and consumer sectors.
Oaktree Acquisition III plans to list on the NYSE under the symbol OACC.U. Deutsche Bank, Credit Suisse and Morgan Stanley are the joint bookrunners on the deal.
