My previous blog article discusses the preferred A units.
This new announcement today describes the preferred B units.
Oaktree does not need this cash for anything other than a purchase. I doubt that they are just going to keep this money in their piggy bank for long. Why would they pay more than 6.5% a year, just to sit on it.
I guess the fact that the preferred is trading at a premium since issuance proved to OAK that they could reduce the yield on the new issuance. Will there be a preferred C coming along at a lower coupon? Or has Oaktree enough cash for their purpose.
Disclosure: I am/we are long OAK.