Chicago, Nov. 10 – Octagon Credit Investors, LLC sold $508.4 million in a collateralized loan obligation being issued by Octagon 54, Ltd./Octagon 54, LLC, according to multiple notices.
The notes will mature on July 15, 2034.
The CLO consists of $280 million of class A-1 senior secured floating-rate notes, $40 million of class A-2 2.23% senior secured fixed-rate notes, $57.5 million of class B senior secured floating-rate notes at Libor plus 160 bps, $25 million of class C senior secured floating-rate notes, $32.5 million of class D senior secured deferrable floating-rate notes, $25 million of class E senior secured deferrable floating-rate notes and $48.4 million of subordinated notes.
Octagon Credit Investors, LLC will manage the collateral through the end of the five-year reinvestment period.
Collateral will be first-lien senior secured loans and eligible investments.
Morgan Stanley & Co. LLC was the placement agent.
Octagon Credit Investors is a New York-based credit investment firm that is majority owned by Conning & Co.
| Issuer: | Octagon 54, Ltd./Octagon 54, LLC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $508.4 million
|
| Maturity: | July 15, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | Morgan Stanley & Co. LLC
|
| Manager: | Octagon Credit Investors, LLC
|
| Settlement date: | July 14
|
|
|
| Class A-1 notes
|
| Amount: | $280 million
|
| Securities: | Senior secured floating-rate notes
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-2 notes
|
| Amount: | $40 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.23%
|
| Rating: | Moody's: Aaa
|
|
|
| Class B notes
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| Amount: | $57.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Rating: | Moody's: Aa2
|
|
|
| Class C notes
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| Amount: | $25 million
|
| Securities: | Senior secured floating-rate notes
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| Coupon: | Libor plus 190 bps
|
| Rating: | Moody's: A2
|
|
|
| Class D notes
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| Amount: | $32.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Rating: | Moody's: Baa3
|
|
|
| Class E notes
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| Amount: | $25 million
|
| Securities: | Senior secured deferrable floating-rate notes
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| Rating: | Moody's: Ba3
|
|
|
| Subordinated notes
|
| Amount: | $48.4 million
|
| Securities: | Subordinated notes
|
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