Chicago, Jan. 16 – Octagon Credit Investors, LLC refinanced for $548.9 million the collateralized loan obligation issued by Octagon 66, Ltd., according to multiple press releases.
The notes will mature on Nov. 17, 2036.
The refinanced CLO consists of $5.5 million of class X senior secured floating-rate notes at SOFR plus 135 basis points, $341 million of class A-1-R senior secured floating-rate notes at SOFR plus 175 bps, $16.5 million of class A-2-R senior secured floating-rate notes at SOFR plus 200 bps, $60.5 million of class B-R senior secured floating-rate notes at SOFR plus 260 bps, $19 million of class C-1-R mezzanine secured deferrable floating-rate notes at SOFR plus 280 bps, $30.3 million of class C-2-R mezzanine secured deferrable floating-rate notes at SOFR plus 343 bps, $24.8 million of class D-R junior secured deferrable floating-rate notes at SOFR plus 509 bps, $11.3 million of class E-R junior secured deferrable floating-rate notes at SOFR plus 762 bps and $40 million of subordinated notes.
The original CLO from July 2022 had $352 million of class A senior secured floating-rate notes at SOFR plus 194 bps, $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 on Nov. 16, 2028.
Collateral for the notes consists of broadly syndicated senior secured corporate loans.
The notes can be called starting Nov. 17, 2025.
Octagon Credit Investors is a New York-based credit investment firm that is majority owned by Conning & Co.
Issuer: | Octagon 66, Ltd.
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Issue: | Floating-rate notes and subordinated notes
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Amount: | $548.9 million
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Maturity: | Nov. 17, 2036
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Structure: | Cash flow CLO
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Manager: | Octagon Credit Investors, LLC
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Call feature: | Nov. 17, 2025
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Pricing date: | Nov. 16
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Settlement date: | Nov. 16
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Class X notes
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Amount: | $5.5 million
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Securities: | Senior secured floating-rate notes
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Coupon: | SOFR plus 135 bps
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Rating: | Moody's: Aaa
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Class A-1-R notes
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Amount: | $341 million
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Securities: | Senior secured floating-rate notes
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Coupon: | SOFR plus 175 bps
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Rating: | Moody's: Aaa
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Class A-2-R notes
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Amount: | $16.5 million
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Securities: | Senior secured floating-rate notes
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Coupon: | SOFR plus 200 bps
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Rating: | Fitch: AAA
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Class B-R notes
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Amount: | $60.5 million
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Securities: | Senior secured floating-rate notes
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Coupon: | SOFR plus 260 bps
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Rating: | Fitch: AA
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Class C-1-R notes
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Amount: | $19 million
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Securities: | Mezzanine secured deferrable floating-rate notes
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Coupon: | SOFR plus 280 bps
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Rating: | Fitch: A+
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Class C-2-R notes
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Amount: | $30.3 million
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Securities: | Mezzanine secured deferrable floating-rate notes
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Coupon: | SOFR plus 343 bps
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Rating: | Fitch: A
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Class D-R notes
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Amount: | $24.8 million
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Securities: | Junior secured deferrable floating-rate notes
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Coupon: | SOFR plus 509 bps
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Rating: | Fitch: BBB-
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Class E-R notes
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Amount: | $11.3 million
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Securities: | Junior secured deferrable floating-rate notes
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Coupon: | SOFR plus 762 bps
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Rating: | Fitch: BB-
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Subordinated notes
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Amount: | $40 million
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Securities: | Subordinated notes
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