By Cristal Cody
Tupelo, Miss., Feb. 22 – Octagon Credit Investors, LLC priced $713.4 million of notes due Dec. 16, 2024 in a refinancing of the 2013 Octagon Investment Partners XVIII, Ltd./Octagon Investment Partners XVIII, LLC transaction, according to a notice of proposed supplemental indenture and partial redemption by refinancing on Tuesday.
The CLO sold $422.3 million of class A-1-R floating-rate notes at Libor plus 113 basis points; $71.75 million of class A-2A-R floating-rate notes at Libor plus 155 bps; $30 million of 3.395% class A-2B-R fixed-rate notes; $47.25 million of class B-R floating-rate notes at Libor plus 220 bps and $38 million of class C-R floating-rate notes at Libor plus 348 bps.
Nomura Securities International, Inc. was the placement agent for the offering.
Proceeds will be used to redeem the original notes on March 7.
Octagon Credit Investors priced three new CLOs and refinanced one vintage CLO in 2016.
The New York-based credit investment firm is majority owned by Conning & Co., an indirect subsidiary of Cathay Financial Holding Co. Ltd.
| Issuer: | Octagon Investment Partners XVIII, Ltd./Octagon Investment Partners XVIII, LLC
|
| Amount: | $713.4 million refinancing
|
| Maturity: | Dec. 16, 2024
|
| Securities: | Fixed- and floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Nomura Securities International, Inc.
|
| Manager: | Octagon Credit Investors, LLC
|
| Notice date: | Feb. 21
|
| Refinancing date: | March 7
|
|
|
| Class A-1-R notes
|
| Amount: | $422.3 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 113 bps
|
| Ratings: | Moody’s: Aaa expected
|
| S&P: AAA expected
|
|
|
| Class A-2A-R notes
|
| Amount: | $71.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 155 bps
|
| Rating: | S&P: AA expected
|
|
|
| Class A-2B-R notes
|
| Amount: | $30 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 3.395%
|
| Rating: | S&P: AA expected
|
|
|
| Class B-R notes
|
| Amount: | $47.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 220 bps
|
| Rating: | S&P: A expected
|
|
|
| Class C-R notes
|
| Amount: | $38 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 348 bps
|
| Rating: | S&P: BBB expected
|
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