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Octagon Credit Investors preps $616.4 million CLO transaction
By Cristal Cody
Tupelo, Miss., July 2 – Octagon Credit Investors, LLC intends to offer $616.4 million of notes due 2026 in a collateralized loan obligation deal, according to a market source on Wednesday.
The Octagon Investment Partners XX, Ltd./Octagon Investment Partners XX, LLC offering is expected to include $384 million of class A notes (//AAA); $63.6 million of class B notes; $30.2 million of class C notes; $38.5 million of class D notes; $39.6 million of class E notes and $60.5 million of subordinated notes.
J.P. Morgan Securities LLC is the placement agent.
Octagon Credit Investors will manage the CLO.
The CLO will have a two-year non-call period and a four-year reinvestment period.
The offering is collateralized primarily by first-lien senior secured loans.
Proceeds from the deal will be used to purchase about a $600 million portfolio of mostly senior secured leveraged loans.
Octagon Credit Investors was most recently in the primary market on April 16 with the refinancing of the $358.2 million Octagon Investment Partners XII Ltd. 2012-1/Octagon Investment Partners XII LLC transaction priced in 2012.
The firm priced the $566.88 million Octagon Investment Partners XIX Ltd./Octagon Investment Partners XIX LLC deal in March.
New York-based Octagon, an affiliate of CCMP Capital Advisors, LLC, brought four CLO deals in 2013.
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