Chicago, May 26 – Octagon Credit Investors, LLC sold a new collateralized loan obligation for $506.8 million in a transaction issued by Octagon 53 Ltd./Octagon 53 LLC, according to a pre-sale report.
The maturity date is April 15, 2034.
The portfolio includes $310 million of class A senior secured floating-rate notes at Libor plus 103 basis points, $70 million of class B senior secured floating-rate notes at Libor plus 155 bps, $30 million of class C senior secured deferrable floating-rate notes at Libor plus 185 bps, $30 million of class D senior secured deferrable floating-rate notes at Libor plus 290 bps, $18.75 million of class E senior secured deferrable floating-rate notes at Libor plus 650 bps and $48.05 million of subordinated notes.
Wells Fargo Securities LLC is the initial purchaser.
Octagon Credit Investors is managing the collateral through the end of the reinvestment period on April 15, 2026.
The notes are mostly backed by broadly syndicated speculative-grade senior secured term loans.
The notes can be called after April 15, 2023.
Octagon Credit Investors is a New York-based credit investment firm that is majority owned by Conning & Co.
| Issuer: | Octagon 53 Ltd./Octagon 53 LLC
|
| Issue: | Floating-rate and subordinated notes
|
| Amount: | $506.8 million
|
| Maturity: | April 15, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | Wells Fargo Securities LLC
|
| Manager: | Octagon Credit Investors, LLC
|
| Call feature: | April 15, 2023
|
| Settlement date: | April 23
|
|
|
| Class A notes
|
| Amount: | $310 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 103 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $70 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 155 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 185 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 290 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $18.75 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 650 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $48.05 million
|
| Securities: | Subordinated notes
|
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