Chicago, Dec. 9 – Octagon Credit Investors LLC sold $509.3 million in a collateralized loan obligation being issued by Octagon 57 Ltd./Octagon 57 LLC, according to a pre-sale report.
The notes will mature on Oct. 15, 2034.
The CLO consists of $1 million of class X senior secured floating-rate notes at Libor plus 70 basis points, $315 million of class A senior secured floating-rate notes at Libor plus 115 bps, $50 million of class B-1 senior secured floating-rate notes at Libor plus 165 bps, $15 million of class B-2 2.7% senior secured fixed-rate notes, $30 million of class C senior secured deferrable floating-rate notes at Libor plus 205 bps, $30 million of class D senior secured deferrable floating-rate notes at Libor plus 310 bps, $20 million of class E senior secured deferrable floating-rate notes at Libor plus 660 bps and $48.3 million of subordinated notes..
Octagon Credit Investors LLC will manage the collateral through the end of the reinvestment period on Oct. 15, 2026.
The collateral for the notes is senior secured loans, cash and eligible investments with most borrowers based in the United States and Canada.
The notes can be called starting Oct. 15, 2023.
Barclays was the placement agent.
Octagon Credit Investors is a New York-based credit investment firm that is majority owned by Conning & Co.
Issuer: | Octagon 57 Ltd./Octagon 57 LLC
|
Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
Amount: | $509.3 million
|
Maturity: | Oct. 15, 2034
|
Structure: | Cash flow CLO
|
Placement agent: | Barclays
|
Manager: | Octagon Credit Investors LLC
|
Call feature: | Oct. 15, 2023
|
Settlement date: | Nov. 22
|
|
Class X notes
|
Amount: | $1 million
|
Securities: | Senior secured floating-rate notes
|
Coupon: | Libor plus 70 bps
|
Rating: | S&P: AAA
|
|
Class A notes
|
Amount: | $315 million
|
Securities: | Senior secured floating-rate notes
|
Coupon: | Libor plus 115 bps
|
Rating: | S&P: AAA
|
|
Class B-1 notes
|
Amount: | $50 million
|
Securities: | Senior secured floating-rate notes
|
Coupon: | Libor plus 165 bps
|
Rating: | S&P: AA
|
|
Class B-2 notes
|
Amount: | $15 million
|
Securities: | Senior secured fixed-rate notes
|
Coupon: | 2.7%
|
Rating: | S&P: AA
|
|
Class C notes
|
Amount: | $30 million
|
Securities: | Senior secured deferrable floating-rate notes
|
Coupon: | Libor plus 205 bps
|
Rating: | S&P: A
|
|
Class D notes
|
Amount: | $30 million
|
Securities: | Senior secured deferrable floating-rate notes
|
Coupon: | Libor plus 310 bps
|
Rating: | S&P: BBB-
|
|
Class E notes
|
Amount: | $20 million
|
Securities: | Senior secured deferrable floating-rate notes
|
Coupon: | Libor plus 660 bps
|
Rating: | S&P: BB-
|
|
Subordinated notes
|
Amount: | $48.3 million
|
Securities: | Subordinated notes
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.