By Sarah Lizee
Olympia, Wash., March 5 – Octagon Credit Investors, LLC priced $393,875,000 of notes due Jan. 25, 2031 in a refinancing of the Octagon Investment Partners XVII, Ltd./Octagon Investment Partners XVII, LLC transaction, according to a notice of executed supplemental indenture.
The CLO sold $5.5 million of class X senior secured floating-rate notes at Libor plus 60 basis points; $241 million of class A-1-R2 senior secured floating-rate notes at Libor plus 100 bps; $10.5 million of class A-2-R2 senior secured floating-rate notes at Libor plus 110 bps; $51.25 million of class B-R2 senior secured floating-rate notes at Libor plus 140 bps; $26 million of class C-R2 secured deferrable floating-rate notes at Libor plus 170 bps; $21.75 million of class D-R2 secured deferrable floating-rate notes at Libor plus 250 bps; $16 million of class E-R2 secured deferrable floating-rate notes at Libor plus 515 bps; $7.75 million of class F-R2 secured deferrable floating-rate notes at Libor plus 720 bps; and $14,125,000 of subordinated notes.
U.S. Bank NA was the refinancing placement agent.
Octagon Credit Investors will continue to manage the CLO.
The original $417.78 million priced on Aug. 29, 2013 and included $141 million of class A-1 senior secured floating-rate notes at Libor plus 133 bps; $85 million of class A-2 senior secured floating-rate notes at Libor plus 110 bps and $25 million of 3.22% class A-3 senior secured fixed-rate notes at the top of the structure.
The CLO also priced $40 million of class B-1 senior secured floating-rate notes at Libor plus 170 bps; $5 million of 4.01% class B-2 senior secured fixed-rate notes; $31.75 million of class C secured deferrable floating-rate notes at Libor plus 280 bps; $21.75 million of class D secured deferrable floating-rate notes at Libor plus 320 bps; $17.75 million of class E secured deferrable floating-rate notes at Libor plus 450 bps; $9.25 million of class F secured deferrable floating-rate notes at Libor plus 515 bps; and $37.28 million of subordinated notes.
Proceeds will be used to redeem the original notes.
The New York-based credit investment firm is a subsidiary of Conning & Co.
| Issuer: | Octagon Investment Partners 25, Ltd./Octagon Investment Partners 25, LLC
|
| Amount: | $393,875,000 refinancing
|
| Maturity: | Jan. 25, 2031
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | U.S. Bank NA
|
| Manager: | Octagon Credit Investors, LLC
|
| Settlement date: | Feb. 28
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class X notes
|
| Amount: | $5.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 60 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1R-2 notes
|
| Amount: | $241 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 100 bps
|
| Rating: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class A-2-R2 notes
|
| Amount: | $10.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 110 bps
|
| Rating: | Moody’s: Aaa
|
|
|
| Class B-R2 notes
|
| Amount: | $51.25 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 140 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R2 notes
|
| Amount: | $26 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R2 notes
|
| Amount: | $21.75 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 250 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R2 notes
|
| Amount: | $16 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 515 bps
|
| Rating: | S&P: BB-
|
|
|
| Class F-R2 notes
|
| Amount: | $7.75 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 720 bps
|
| Rating: | S&P: B-
|
|
|
| Equity
|
| Amount: | $14,125,000
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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