Chicago, June 9 – Octagon Credit Investors, LLC refinanced for $508.1 million the CLO originally issued by Octagon Investment Partners 47, Ltd./Octagon Investment Partners 47, LLC in May 2020, according to a pre-sale report.
The notes originally came with one year of call protection.
The maturity date has been extended to July 20, 2034 from April 20, 2031.
The refinancing notes are the $320 million of class A-R senior secured floating-rate notes at Libor plus 116 basis points, $60 million of class B-R senior secured floating-rate notes at Libor plus 165 bps, $30 million of class C-R senior secured floating-rate notes at Libor plus 190 bps, $30 million of class D-R senior secured deferrable floating-rate notes at Libor plus 290 bps, $20 million of class E-R senior secured deferrable floating-rate notes at Libor plus 625 bps and $48.1 million of subordinated notes.
Originally, the CLO sold $300 million of class A-1 notes at Libor plus 185 bps, $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.
Citigroup Global Markets Inc. was the initial purchaser.
Octagon Credit is the collateral manager of the pool of speculative-grade senior secured term loans.
The reinvestment period ends July 20, 2026.
The notes now will have two years of call protection from the refinancing date.
Octagon Credit Investors is a New York-based credit investment firm that is majority owned by Conning & Co.
| Issuers: | Octagon Investment Partners 47, Ltd./Octagon Investment Partners 47, LLC
|
| Issue: | Floating-rate and subordinated notes
|
| Amount: | $508.1 million
|
| Maturity: | July 20, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | Octagon Credit Investors, LLC
|
| Call feature: | July 20, 2023
|
| Settlement date: | June 4
|
|
|
| Class A-R notes
|
| Amount: | $320 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 116 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | $60 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $30 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 290 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R notes
|
| Amount: | $20 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 625 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $48.1 million
|
| Securities: | Subordinated notes
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
