Chicago, July 27 – Octagon Credit Investors, LLC sold $541.7 million in a collateralized loan obligation issued by Octagon 66, Ltd., according to a press release and a new issue report.
The notes will mature on Aug. 16, 2033.
The CLO consists of $352 million of class A senior secured floating-rate notes at SOFR plus 194 basis points, $43.3 million of class B-1 senior secured floating-rate notes at SOFR plus 260 bps, $20 million of class B-2 5.92% senior secured fixed-rate notes, $27.5 million of class C-1 mezzanine secured deferrable floating-rate notes at SOFR plus 323 bps, $4.1 million of class C-2 mezzanine secured deferrable floating-rate notes at SOFR plus 415 bps, $34.4 million of class D mezzanine secured deferrable floating-rate notes at SOFR plus 446 bps, $19.3 million of class E junior secured deferrable floating-rate notes at SOFR plus 780 bps, $1.1 million of class F junior secured deferrable floating-rate notes at SOFR plus 896 bps and $40 million of subordinated notes.
Octagon Credit Investors, LLC will manage the collateral through the end of the reinvestment period in three years.
Collateral for the notes consists of first-lien senior secured leveraged loans.
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 66, Ltd.
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $541.7 million
|
| Maturity: | Aug. 16, 2033
|
| Structure: | Cash flow CLO
|
| Placement agent: | Morgan Stanley & Co. LLC
|
| Manager: | Octagon Credit Investors, LLC
|
| Settlement date: | July 25
|
|
|
| Class A notes
|
| Amount: | $352 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 194 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class B-1 notes
|
| Amount: | $43.3 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 260 bps
|
| Rating: | Fitch: AA
|
|
|
| Class B-2 notes
|
| Amount: | $20 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 5.92%
|
| Rating: | Fitch: AA
|
|
|
| Class C-1 notes
|
| Amount: | $27.5 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 323 bps
|
| Rating: | Fitch: A+
|
|
|
| Class C-2 notes
|
| Amount: | $4.1 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 415 bps
|
| Rating: | Fitch: A+
|
|
|
| Class D notes
|
| Amount: | $34.4 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 446 bps
|
| Rating: | Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | $19.3 million
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 780 bps
|
| Rating: | Fitch: BB-
|
|
|
| Class F notes
|
| Amount: | $1.1 million
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 896 bps
|
| Rating: | Moody's: B3
|
|
|
| Subordinated notes
|
| Amount: | $40 million
|
| Securities: | Subordinated notes
|
|
|
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