Monroe Capital sells $456.3 million middle-market CLO; Octagon reprices $690.3 million

By Cristal Cody

Tupelo, Miss., Feb. 7 – Monroe Capital LLC priced $456.3 million of notes in the second new reported middle-market CLO transaction to price so far in 2018.

In January, Tennenbaum Capital Partners. LLC closed on the $300 million middle-market TCP Ranier CLO, Ltd. deal.

One vintage middle-market CLO also has been refinanced year to date. NXT Capital LLC subsidiary NXT Capital Investment Advisers LLC priced $321 million of notes in a refinancing of the NXT Capital CLO 2015-1 LLC deal.

In other refinancing action, Octagon Credit Investors, LLC repriced $690.3 million of notes from a 2015 broadly syndicated CLO. The CLO manager has priced one new CLO and refinanced two vintage CLOs year to date.

Monroe Capital sells CLO VI

Monroe Capital priced $456.3 million of notes due April 15, 2030 in the middle-market transaction, according to an informed source.

Monroe Capital MML CLO VI, Ltd./Monroe Capital MML CLO VI, LLC sold $252 million of class A floating-rate notes at Libor plus 145 basis points in the AAA-rated tranche.

Deutsche Bank Securities Inc. arranged the transaction.

Proceeds will be used to purchase a portfolio of mostly middle-market loans.

Monroe Capital is a middle-market lender and private credit asset management firm based in Chicago.

Octagon refinances 25 CLO

In the refinanced deal, Octagon Credit Investors repriced $690,368,780 of notes due Oct. 20, 2026 from the Octagon Investment Partners 25, Ltd./Octagon Investment Partners 25, LLC transaction, according to a notice of partial redemption by refinancing and additional issuance on Tuesday.

The CLO sold $557,414,040 of class A-R senior secured floating-rate notes at Libor plus 80 bps at the top of the capital structure.

Citigroup Global Markets Inc. was the refinancing placement agent.

The original $820 million transaction was issued on Oct. 29, 2015.

Proceeds will be used to redeem the original notes.

The New York-based credit investment firm is a subsidiary of Conning & Co.

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