Chicago, Oct. 5 – Octagon Credit Investors, LLC priced $454.5 million of notes in a collateralized loan obligation being issued by Octagon 70 Alto, Ltd., according to a presale report and a press release.
The notes will mature on Oct. 20, 2036.
The CLO consists of $270 million of class A-1 senior secured floating-rate notes at SOFR plus 171 basis points, $18 million of class A-2 senior secured floating-rate notes at SOFR plus 205 bps, $49.5 million of class B senior secured floating-rate notes at SOFR plus 227 bps, $27 million of class C senior secured deferrable floating-rate notes at SOFR plus 248 bps, $29.25 million of class D senior secured deferrable floating-rate notes at SOFR plus 409 bps, $15.75 million of class E senior secured deferrable floating-rate notes at SOFR plus 666 bps and $45 million of subordinated notes.
Octagon Credit Investors, LLC will manage the collateral through the end of the reinvestment period in October 2028.
Collateral for the notes consists of non-investment-grade broadly syndicated loans and other assets.
The notes can be called starting October 2025.
BofA Securities, Inc. was the placement agent.
Octagon Credit Investors is a New York-based credit investment firm that is majority owned by Conning & Co.
| Issuer: | Octagon 70 Alto, Ltd.
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $454.5 million
|
| Maturity: | Oct. 20, 2036
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Securities, Inc.
|
| Manager: | Octagon Credit Investors, LLC
|
| Call feature: | October 2025
|
| Pricing date: | Sept. 8
|
| Settlement date: | Sept. 28
|
|
|
| Class A-1 notes
|
| Amount: | $270 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 171 bps
|
| Rating: | Moody's: Aaa
|
| Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $18 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 205 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $49.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 227 bps
|
| Rating: | Fitch: AA
|
|
|
| Class C notes
|
| Amount: | $27 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 248 bps
|
| Rating: | Fitch: A
|
|
|
| Class D notes
|
| Amount: | $29.25 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 409 bps
|
| Rating: | Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | $15.75 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 666 bps
|
| Rating: | Fitch: BB-
|
|
|
| Subordinated notes
|
| Amount: | $45 million
|
| Securities: | Subordinated notes
|
|
|
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