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Prospect News home > News index > List of issuers B > Headlines for Black Diamond Capital Management, LLC > News item
Published on 3/15/2016 in the Prospect News CLO Daily.

Octagon preps $507.7 million CLO, first deal since acquisition; other offerings on tap

By Cristal Cody

Eureka Springs, Ark., March 15 – Octagon Credit Investors, LLC is in the pipeline with its first CLO deal since the credit investment firm was acquired earlier in the year by Conning & Co.

Octagon plans to price $507.7 million of notes in the CLO offering.

Several deals remain in the pipeline, including Black Diamond Capital Management, LLC’s $350 million CLO transaction to price via J.P. Morgan Securities LLC.

Carlyle Investment Management LLC plans to price $401.55 million of notes in the Carlyle Global Market Strategies CLO 2016-1, Ltd./Carlyle Global Market Strategies CLO 2016-1 LLC offering. J.P. Morgan Securities LLC is the placement agent.

CreekSource LLC also intends to bring the $300 million Mill Creek CLO II, Ltd./Mill Creek CLO II LLC deal via Goldman Sachs & Co.

Year to date U.S. CLO volume remains low at $4.25 billion, according to market sources.

Octagon preps CLO offering

Octagon Credit Investors is marketing $507.7 million of notes due April 15, 2027 in the Octagon Investment Partners 26, Ltd./Octagon Investment Partners 26, LLC transaction, a source said.

The deal includes $310 million of class A floating-rate notes (AAA); $50 million of class B-1 floating-rate notes; $15 million of class B-2 fixed-rate notes; $35 million of class C deferrable floating-rate notes; $25 million of class D deferrable floating-rate notes; $25 million of class E deferrable floating-rate notes and $47.7 million of subordinated notes.

BofA Merrill Lynch is the placement agent.

The CLO has a non-call period through April 15, 2018. The reinvestment period ends Oct. 15, 2020.

The deal is backed primarily by broadly syndicated senior secured loans.

Octagon Credit Investors priced three CLO deals in 2015.

The New York-based credit investment firm was acquired by Conning & Co. in a deal that closed in February.


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