Oaktree Acquisition II, the second blank check company led by the head of Oaktree Capital's Value Equities group, raised $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.
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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.
McCaney and Frank's previous SPAC, Oaktree Acquisition (OAC), raised $175 million in July 2019 and last closed up 12% from its $10 offer price. OAC is reportedly in talks to acquire men's health startup Hims.
Oaktree Acquisition II plans to list on the NYSE under the symbol OACB.U. Deutsche Bank and Citi acted as lead managers on the deal.
