Oaktree Acquisition III, a third blank check company led by the head of Oaktree Capital's Value Equities group, lowered the proposed deal size and increased the warrants per unit for its upcoming IPO on Tuesday.
The Los Angeles, CA-based company now plans to raise $275 million by offering 27.5 million units at $10, with each unit containing one share of common stock and one-fifth of a warrant, exercisable at $11.50 The company had previously filed to offer 32.5 million units at the same price, with each unit containing one-eighth of a warrant. At the revised deal size, Oaktree Acquisition III will raise -15% less in proceeds than previously anticipated.
The company is led by Co-CEO and Director Patrick McCaney, who has served as Portfolio Manager for Oaktree's Value Equities strategy since its inception; Co-CEO Alexander Taubman, a Managing Director within Oaktree’s Value Equities strategy; 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 was founded in 2021 and 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.
