Chicago, Dec. 30 – Octagon Credit Investors LLC refinanced the $502.55 million collateralized loan obligation issued by Octagon Investment Partners 48 Ltd./Octagon Investment Partners 48 LLC, according to a pre-sale report.
The extended notes will mature on Oct. 20, 2034.
The refinanced CLO consists of $320 million of class A-R senior secured floating-rate notes at Libor plus 115 basis points, $60 million of class B-R senior secured floating-rate notes at Libor plus 160 bps, $30 million of class C-R senior secured floating-rate notes at Libor plus 205 bps, $30 million of class D-R senior secured deferrable floating-rate notes at Libor plus 310 bps, $20 million of class E-R senior secured deferrable floating-rate notes at Libor plus 670 bps and $42.55 million of subordinated notes.
The CLO originally sold $310 million of class A floating-rate notes at Libor plus 150 bps, $70 million of class B floating-rate notes at Libor plus 185 bps, $30 million of class C floating-rate notes at Libor plus 255 bps, $25 million of class D floating-rate notes at Libor plus 400 bps, $17.5 million of class E floating-rate notes at Libor plus 766 bps and $42.55 million of subordinated notes.
Octagon Credit Investors LLC will manage the collateral through the end of the reinvestment period on Oct. 20, 2026.
Collateral will come from a portfolio of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting Oct. 20, 2023.
Citigroup Global Markets Inc. was the placement agent.
Octagon Credit Investors is a New York-based credit investment firm that is majority owned by Conning & Co.
| Issuer: | Octagon Investment Partners 48 Ltd./Octagon Investment Partners 48 LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $502.55 million
|
| Maturity: | Oct. 20, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | Octagon Credit Investors LLC
|
| Call feature: | Oct. 20, 2023
|
| Settlement date: | Nov. 18
|
|
|
| Class A-R notes
|
| Amount: | $320 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 115 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | $60 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $30 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 205 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 310 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R notes
|
| Amount: | $20 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 670 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $42.55 million
|
| Securities: | Subordinated notes
|
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