Chicago, Feb. 25 – Octagon Credit Investors, LLC conducted a $653.13 million third refinancing of the Octagon Investment Partners XXI, Ltd./Octagon Investment Partners XXI, LLC collateralized loan obligation transaction due February 2031, according to a revised indenture.
The refinancing includes $3.125 million of class X-R3 floating-rate notes at Libor plus 65 basis points, $450 million of class A-1A-R3 floating-rate notes at Libor plus 100 bps, $37.5 million of class A-1B-R3 floating-rate notes at Libor plus 120 bps, $86.25 million of class A-2-R3 floating-rate notes at Libor plus 140 bps, $36 million of class B-R3 floating-rate notes at Libor plus 175 bps and $40.25 million of class C-R3 floating-rate notes at Libor plus 275 bps.
The $37 million of D-RR notes and the $12 million of E-RR notes with $85 million of subordinated notes are not part of the refinancing.
Citigroup Global Markets Inc. is the placement agent.
The refinanced notes cannot be called until Feb. 24, 2022.
Octagon Credit Investors will continue to manage the portfolio through the end of the reinvestment period in February 2024, according to a notice.
The collateral manager is based in New York
| Issuer: | Octagon Investment Partners XXI, Ltd./Octagon Investment Partners XXI, LLC
|
| Amount: | $653.13 million
|
| Maturity: | February 2031
|
| Securities: | Fixed-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets, Inc.
|
| Manager: | Octagon Credit Investors, LLC
|
| Call: | Feb. 24, 2022
|
| Pricing date: | Feb. 24
|
|
|
| Class X-R3 notes
|
| Amount: | $3.125 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 65 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class A-1A-R3 notes
|
| Amount: | $450 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 100 bps
|
| Rating: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-1B-R3 notes
|
| Amount: | $37.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 120 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class A-2-R3 notes
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| Amount: | $86.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 140 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class B-R3 notes
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| Amount: | $36 million
|
| Securities: | Floating-rate notes
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| Coupon: | Libor plus 175 bps
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| Rating: | Moody’s: A2
|
|
|
| Class C-R3 notes
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| Amount: | $40.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 275 bps
|
| Rating: | Moody’s: Baa3
|
|
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