By Cristal Cody
Tupelo, Miss., Sept. 4 – Octagon Credit Investors, LLC priced $495.05 million of notes due Oct. 20, 2031 in a new broadly syndicated collateralized loan obligation offering, according to market sources.
Octagon Investment Partners 48, Ltd./Octagon Investment Partners 48, LLC sold $310 million of class A floating-rate notes at Libor plus 150 basis points, $70 million of class B floating-rate notes at Libor plus 185 bps, $30 million of class C floating-rate notes at Libor plus 255 bps, $25 million of class D floating-rate notes at Libor plus 400 bps, $17.5 million of class E floating-rate notes at Libor plus 766 bps and $42.55 million of subordinated notes.
Citigroup Global Markets Inc. 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 48, Ltd./Octagon Investment Partners 48, LLC
|
| Amount: | $495.05 million
|
| Maturity: | Oct. 20, 2031
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Citigroup Global Markets Inc.
|
| Manager: | Octagon Credit Investors, LLC
|
| Call feature: | One year
|
| Pricing date: | Aug. 19
|
| Settlement date: | Sept. 10
|
|
|
| Class A notes
|
| Amount: | $310 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 150 bps
|
| Ratings: | Fitch: AAA
|
|
|
| Class B notes
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| Amount: | $70 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 185 bps
|
| Ratings: | Non-rated
|
|
|
| Class C notes
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| Amount: | $30 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 255 bps
|
| Ratings: | Non-rated
|
|
|
| Class D notes
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| Amount: | $25 million
|
| Securities: | Floating-rate notes
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| Coupon: | Libor plus 400 bps
|
| Ratings: | Non-rated
|
|
|
| Class E notes
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| Amount: | $17.5 million
|
| Securities: | Floating-rate notes
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| Coupon: | Libor plus 766 bps
|
| Ratings: | Non-rated
|
|
|
| Equity
|
| Amount: | $42.55 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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