By Cristal Cody
Tupelo, Miss., May 26 – Octagon Credit Investors, LLC priced $496.85 million of notes due April 20, 2031 in the Octagon Investment Partners 47, Ltd./Octagon Investment Partners 47, LLC broadly syndicated collateralized loan obligation offering, according to market sources.
The CLO sold $300 million of class A-1 notes at Libor plus 185 basis points, $14 million of class A-2 floating-rate notes at Libor plus 240 bps and $56 million of class B floating-rate notes at Libor plus 260 bps.
Octagon also priced $32.5 million of class C floating-rate notes at Libor plus 335 bps, $28.75 million of class D floating-rate notes at Libor plus 488 bps, $17.5 million of class E floating-rate notes at Libor plus 642 bps and $48.1 million of subordinated notes.
Wells Fargo Securities LLC was the placement agent.
The CLO has a one-year non-call period and a three-year reinvestment period.
The offering is backed primarily by broadly syndicated first-lien senior secured loans.
Octagon Credit Investors is a New York-based credit investment firm that is majority owned by Conning & Co.
| Issuer: | Octagon Investment Partners 47, Ltd./Octagon Investment Partners 47, LLC
|
| Amount: | $496.85 million
|
| Maturity: | April 20, 2031
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Wells Fargo Securities LLC
|
| Manager: | Octagon Credit Investors, LLC
|
| Call feature: | One year
|
| Settlement date: | May 28
|
|
|
| Class A-1 notes
|
| Amount: | $300 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 185 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $14 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 240 bps
|
| Rating: | S&P: Non-rated
|
|
|
| Class B notes
|
| Amount: | $56 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 260 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $32.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 335 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $28.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 488 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $17.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 642 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $48.1 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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