By Cristal Cody
Tupelo, Miss., July 16 – Octagon Credit Investors, LLC sold $664 million of notes due July 20, 2030 in the Octagon Investment Partners 38, Ltd./Octagon Investment Partners 38, LLC transaction on Thursday, according to a market source.
The deal was downsized from an initial $765.7 million offering. Final pricing details were not immediately available.
BofA Merrill Lynch was the placement agent.
Octagon Credit Investors will manage the CLO.
The CLO has a two-year non-call period and a five-year reinvestment period.
The notes are backed primarily by broadly syndicated senior secured corporate loans.
Octagon Credit Investors has priced four new CLOs year to date.
In 2017, the CLO manager sold four new CLOs.
The New York-based credit investment firm is a subsidiary of Conning & Co.
| Issuer: | Octagon Investment Partners 38, Ltd./Octagon Investment Partners 38, LLC
|
| Amount: | $664 million
|
| Maturity: | July 20, 2030
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Merrill Lynch
|
| Manager: | Octagon Credit Investors, LLC
|
| Call feature: | Two years
|
| Pricing date: | July 12
|
| Settlement date: | Aug. 23
|
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