Octagon Credit prices new CLO; BlueMountain, MidOcean, Apollo, CVC, KKR refinance deals

By Cristal Cody

Eureka Springs, Ark., Dec. 14 – Details emerged on one new CLO transaction priced in the U.S. primary market and five refinanced U.S. dollar- and euro-denominated CLOs.

More than $25 billion of U.S. CLOs have been refinanced year to date, while European CLO managers have returned to refinance nearly €2 billion of deals this year, according to market sources.

In the new issue market, Octagon Credit Investors, LLC priced $510.75 million of notes in its third new offering of the year.

Looking at refinancing activity, BlueMountain Capital Management LLC refinanced $460.6 million of notes from a 2013 offering.

MidOcean Credit Fund Management LP refinanced $296.4 million of vintage 2012 CLO notes.

In European refinancing action, Apollo Management International LLP refinanced €337.4 million of notes from a vintage 2014 deal.

CVC Credit Partners Group Ltd. priced €333.2 million of notes in a refinancing of its vintage 2014 transaction.

Also, KKR Credit Advisors (Ireland) Unlimited Co. refinanced €276.5 million of notes from a 2013 CLO.

In its deal, Octagon Credit Investors priced $510.75 million of notes due Jan. 24, 2028 in the new Octagon Investment Partners 29, Ltd./Octagon Investment Partners 29, LLC CLO offering, according to a market source.

The CLO sold $310 million of class A senior secured floating-rate notes at Libor plus 141 basis points in the AAA-rated tranche.

Credit Suisse Securities (USA) LLC arranged the offering.

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