Oaktree Acquisition II, the second blank check company led by the head of Oaktree Capital's Value Equities group, filed on Monday with the SEC to raise up to $225 million in an initial public offering.
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The Los Angeles, CA-based company plans to raise $225 million by offering 22.5 million units at $10. Each unit consists of one share of common stock and one-quarter of a warrant, exercisable at $11.50. At the proposed price, Oaktree Acquisition II would command a market value of $281 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.
The sponsor's first SPAC, Oaktree Acquisition Corp. (OAC), raised $175 million in July 2019 and closed Monday at $10.48 (+4.8% from IPO). OAC is reportedly in talks to acquire men's health startup Hims.
Oaktree Acquisition II was founded in 2020 and plans to list on the NYSE under the symbol OACB.U. Oaktree Acquisition II filed confidentially on August 14, 2020. Deutsche Bank and Citi are the joint bookrunners on the deal.
