Chicago, June 21 – Octagon Credit Investors, LLC sold $532.7 million of notes in the Octagon 51, Ltd. collateralized loan obligation according to a notice.
The portfolio matures July 20, 2034.
The CLO sold $320 million of class A senior secured floating-rate notes at Libor plus 115 basis points, $60 million of class B senior secured floating-rate notes at Libor plus 170 bps, $25.8 million of class C mezzanine secured deferrable floating-rate notes at Libor plus 195 bps, $33 million of class D mezzanine secured deferrable floating-rate notes at Libor plus 305 bps, $21.3 million of class E junior secured deferrable floating-rate notes at Libor plus 675 bps and $5.6 million of class F junior secured deferrable floating-rate notes at Libor plus 652.8 bps.
There are also $26 million of subordinated A notes and $20.5 million of subordinated B notes.
There are also $20.5 million of income B notes.
RBC Capital Markets, LLC is the underwriter.
Most of the collateral will be senior secured loans and eligible investments.
Octagon will manage the collateral for the five-year reinvestment period.
Octagon Credit Investors is a New York-based credit investment firm that is majority owned by Conning & Co.
| Issuer: | Octagon 51, Ltd.
|
| Issue: | Floating-rate notes, subordinated notes and income notes
|
| Amount: | $532.7 million
|
| Maturity: | July 20, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | RBC Capital Markets, LLC
|
| Manager: | Octagon Credit Investors, LLC
|
| Settlement date: | May 28
|
|
|
| Class A notes
|
| Amount: | $320 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 115 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class B notes
|
| Amount: | $60 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Rating: | Moody's: Aa2
|
|
|
| Class C notes
|
| Amount: | $25.8 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 195 bps
|
| Rating: | Moody's: A2
|
|
|
| Class D notes
|
| Amount: | $33 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 305 bps
|
| Rating: | Moody's: Baa3
|
|
|
| Class E notes
|
| Amount: | $21.3 million
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 675 bps
|
| Rating: | Moody's: Ba3
|
|
|
| Class F notes
|
| Amount: | $5.6 million
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 652.8 bps
|
| Rating: | Moody's: B2
|
|
|
| Subordinated notes
|
| Amount: | $26 million
|
| Securities: | Subordinated A notes
|
|
|
| Subordinated notes
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| Amount: | $20.5 million
|
| Securities: | Subordinated B notes
|
|
|
| Income A notes
|
| Amount: | $0
|
| Securities: | Income A notes
|
|
|
| Income B notes
|
| Amount: | $20.5 million
|
| Securities: | Income B notes
|
|
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