By Cristal Cody
Tupelo, Miss., Oct. 19 – Octagon Credit Investors, LLC sold $611 million of notes due October 2030 in the Octagon Investment Partners 39, Ltd./Octagon Investment Partners 39, LLC transaction, according to market sources.
The CLO had a weighted average discount margin of Libor plus 116 basis points for the AAA-rated tranches that included $372 million of class A-1 senior secured floating-rate notes and $15 million of class A-2 senior secured floating-rate notes.
Goldman Sachs & Co. LLC 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 five 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 39, Ltd./Octagon Investment Partners 39, LLC
|
| Amount: | $611 million
|
| Maturity: | October 2030
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Goldman Sachs & Co. LLC
|
| Manager: | Octagon Credit Investors, LLC
|
| Call feature: | Two years
|
| Pricing date: | Oct. 12
|
| Settlement date: | Nov. 27
|
|
|
| Class A-1 notes
|
| Amount: | $372 million
|
| Securities: | Senior secured floating-rate notes
|
| Discount margin: | Libor plus 116 bps (weighted average)
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $15 million
|
| Securities: | Senior secured floating-rate notes
|
| Discount margin: | Libor plus 116 bps (weighted average)
|
| Ratings: | Moody’s: Aaa
|
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