Chicago, April 14 – Octagon Credit Investors LLC sold $509.5 million in a collateralized loan obligation being issued by Octagon 58 Ltd./Octagon 58 LLC, according to a pre-sale report.
The notes will mature on July 15, 2034 for the class A-1 notes based on a controlling class condition and July 15, 2037 for the other notes.
The CLO consists of $310 million of class A-1 senior secured floating-rate notes at SOFR plus 145 basis points, $10 million of class A-2 senior secured floating-rate notes at SOFR plus 175 bps, $60 million of class B senior secured floating-rate notes at SOFR plus 200 bps, $30 million of class C senior secured deferrable floating-rate notes at SOFR plus 260 bps, $30 million of class D senior secured deferrable floating-rate notes at SOFR plus 375 bps, $20 million of class E senior secured deferrable floating-rate notes at SOFR plus 735 bps and $49.5 million of subordinated notes.
Octagon Credit Investors LLC will manage the collateral through the end of the reinvestment period on July 15, 2027.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting July 15, 2024.
BNP Paribas Securities Corp. is the placement agent.
Octagon Credit Investors is a New York-based credit investment firm that is majority owned by Conning & Co.
| Issuer: | Octagon 58 Ltd./Octagon 58 LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $509.5 million
|
| Maturity: | July 15, 2034 for the class A-1 notes based on a controlling class condition and July 15, 2037 for the other notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BNP Paribas Securities Corp.
|
| Manager: | Octagon Credit Investors LLC
|
| Call feature: | July 15, 2024
|
| Settlement date: | June 2
|
|
|
| Class A-1 notes
|
| Amount: | $310 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 145 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $10 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 175 bps
|
|
|
| Class B notes
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| Amount: | $60 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 200 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
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| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 260 bps
|
| Rating: | S&P: AA
|
|
|
| Class D notes
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| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 375 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
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| Amount: | $20 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 735 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $49.5 million
|
| Securities: | Subordinated notes
|
|
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