Chicago, Oct. 10 – Octagon Credit Investors, LLC priced $500.26 million in a collateralized loan obligation being issued by Octagon 68, Ltd./Octagon 68, LLC, according to a presale report and a press release.
The notes will mature on Nov. 20, 2036.
The CLO consists of $5 million of class X senior secured floating-rate notes at SOFR plus 130 basis points, $310 million of class A-1 senior secured floating-rate notes at SOFR plus 165 bps, $15 million of class A-2 senior secured floating-rate notes at SOFR plus 200 bps, $55 million of class B senior secured floating-rate notes at SOFR plus 230 bps, $30 million of class C senior secured deferrable floating-rate notes at SOFR plus 270 bps, $30 million of class D senior secured deferrable floating-rate notes at SOFR plus 390 bps, $17.5 million of class E senior secured deferrable floating-rate notes at SOFR plus 700 bps and $37,755,000 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 broadly syndicated senior secured corporate loans.
The notes can be called starting in November 2025.
Wells Fargo Securities, 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 68, Ltd./Octagon 68, LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $500,255,000
|
| Maturity: | Nov. 20, 2036
|
| Structure: | Cash flow CLO
|
| Placement agent: | Wells Fargo Securities, LLC
|
| Manager: | Octagon Credit Investors, LLC
|
| Call feature: | November 2025
|
| Pricing date: | Sept. 18
|
| Settlement date: | Nov. 10
|
|
|
| Class X notes
|
| Amount: | $5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 130 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-1 notes
|
| Amount: | $310 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 165 bps
|
| Rating: | Moody's: Aaa
|
| Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $15 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 200 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $55 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 230 bps
|
| Rating: | Fitch: AA
|
|
|
| Class C notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 270 bps
|
| Rating: | Fitch: A
|
|
|
| Class D notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 390 bps
|
| Rating: | Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | $17.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 700 bps
|
| Rating: | Fitch: BB-
|
|
|
| Subordinated notes
|
| Amount: | $37,755,000
|
| Securities: | Subordinated notes
|
|
|
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