By Cristal Cody
Tupelo, Miss., April 28 - Octagon Credit Investors, LLC priced $358.2 million of notes due May 5, 2023 in a refinancing of the Octagon Investment Partners XII Ltd. 2012-1/Octagon Investment Partners XII LLC deal first brought in 2012, according to an informed source.
The CLO priced $223 million of class A senior secured floating-rate notes (Aaa//AAA) at Libor plus 127 basis points; $22 million of class B-1 senior secured floating-rate notes (/AA/) at Libor plus 190 bps; $22 million of 1.9% class B-2 senior secured fixed-rate notes (/AA/); $18.5 million of 2.8% class C secured deferrable fixed-rate notes (/A/); $17.5 million of class D secured deferrable floating-rate notes (/BBB/) at Libor plus 380 bps and $18 million of class E secured deferrable floating-rate notes (/BB-/) at Libor plus 550 bps.
The deal included $7.25 million of series S subordinated notes and $29.95 million of series J subordinated notes.
Citigroup Global Markets Inc. arranged the refinancing.
Octagon Credit Investors will manage the CLO. The vehicle is collateralized by broadly syndicated first-lien senior secured corporate loans.
Octagon Credit Investors was in the market with the $566.88 million Octagon Investment Partners XIX Ltd./Octagon Investment Partners XIX LLC deal in March. The firm brought four CLO deals in 2013.
New York-based Octagon is an affiliate of CCMP Capital Advisors, LLC.
| Issuer: | Octagon Investment Partners XII Ltd./Octagon Investment Partners XII LLC
|
| Amount: | $358.2 million refinancing
|
| Maturity: | May 5, 2023
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Citigroup Global Markets Inc.
|
| Manager: | Octagon Credit Investors, LLC
|
| Pricing date: | April 16
|
|
|
| Class A notes
|
| Amount: | $223 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 127 bps
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $22 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Rating: | Standard & Poor's: AA
|
|
|
| Class B-2 notes
|
| Amount: | $22 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 1.9%
|
| Rating: | Standard & Poor's: AA
|
|
|
| Class C notes
|
| Amount: | $18.5 million
|
| Securities: | Secured deferrable fixed-rate notes
|
| Coupon: | 2.8%
|
| Rating: | Standard & Poor's: A
|
|
|
| Class D notes
|
| Amount: | $17.5 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 380 bps
|
| Rating: | Standard & Poor's: BBB
|
|
|
| Class E notes
|
| Amount: | $18 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 550 bps
|
| Rating: | Standard & Poor's: BB-
|
|
|
| Series S equity tranche
|
| Amount: | $7.25 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
|
| Series J equity tranche
|
| Amount: | $29.95 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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