Chicago, Jan. 5 – Octagon Credit Investors LLC refinanced its November 2020 transaction with $410.2 million of notes in the collateralized loan obligation issued by Octagon Investment Partners 50 Ltd./Octagon Investment Partners 50 LLC, according to a pre-sale report.
The notes will mature on Jan. 15, 2035.
The CLO consists of $1 million of class X senior secured floating-rate notes at Libor plus 65 basis points, $256 million of class A-R senior secured floating-rate notes at Libor plus 115 bps, $48 million of class B-R senior secured floating-rate notes at Libor plus 165 bps, $24 million of class C-R senior secured deferrable floating-rate notes at Libor plus 205 bps, $24 million of class D-R senior secured deferrable floating-rate notes at Libor plus 315 bps, $16 million of class E-R senior secured deferrable floating-rate notes at Libor plus 680 bps and $41.2 million of subordinated notes.
Collateral comes from a pool of broadly syndicated speculative-grade senior secured term loans.
Octagon Credit Investors LLC will manage the collateral through the end of the reinvestment period on Jan. 15, 2027.
The notes can be called starting Nov. 19, 2023.
Barclays was the placement agent.
Octagon Credit Investors is a New York-based credit investment firm.
| Issuer: | Octagon Investment Partners 50 Ltd./Octagon Investment Partners 50 LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $410.2 million
|
| Maturity: | Jan. 15, 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays
|
| Manager: | Octagon Credit Investors LLC
|
| Call feature: | Nov. 19, 2023
|
| Settlement date: | Nov. 19
|
|
|
| Class X notes
|
| Amount: | $1 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 65 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-R notes
|
| Amount: | $256 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 115 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | $48 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 205 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 315 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R notes
|
| Amount: | $16 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 680 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $41.2 million
|
| Securities: | Subordinated notes
|
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