Chicago, Sept. 1 – Octagon Credit Investors, LLC sold $497.6 million in a collateralized loan obligation being issued by Octagon 60, Ltd./Octagaon 60, LLC, according to a presale report and a press release.
The notes will mature on Oct. 20, 2035.
The CLO consists of $310 million of class A-1 senior secured floating-rate notes at SOFR plus 190 basis points, $15 million of class A-2 senior secured floating-rate notes at SOFR plus 260 bps, $53.75 million of class B senior secured floating-rate notes at SOFR plus 300 bps, $27.5 million of class C secured deferrable floating-rate notes at SOFR plus 400 bps, $31.25 million of class D secured deferrable floating-rate notes at SOFR plus 510 bps, $17.75 million of class E secured deferrable floating-rate notes at SOFR plus 825 bps and $42.35 million of subordinated notes.
Octagon Credit Investors, LLC will manage the collateral through the end of the reinvestment period in October 2027.
Collateral for the notes consists of non-investment-grade syndicated loans.
The notes can be called starting October 2024.
Nomura Securities International, Inc. is the placement agent.
Octagon Credit Investors is a New York-based credit investment firm that is majority owned by Conning & Co.
| Issuer: | Octagon 60, Ltd./Octagaon 60, LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $497.6 million
|
| Maturity: | Oct. 20, 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | Nomura Securities International, Inc.
|
| Manager: | Octagon Credit Investors, LLC
|
| Call feature: | October 2024
|
| Settlement date: | Oct. 12
|
|
|
| Class A-1 notes
|
| Amount: | $310 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 190 bps
|
| Rating: | Moody's: Aaa
|
| Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $15 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 260 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $53.75 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 300 bps
|
| Rating: | Fitch: AA
|
|
|
| Class C notes
|
| Amount: | $27.5 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 400 bps
|
| Rating: | Fitch: A
|
|
|
| Class D notes
|
| Amount: | $31.25 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 510 bps
|
| Rating: | Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | $17.75 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 825 bps
|
| Rating: | Fitch: BB-
|
|
|
| Subordinated notes
|
| Amount: | $42.35 million
|
| Securities: | Subordinated notes
|
|
|
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