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Octagon resets $660.96 million CLO in its fifth deal of year; high-grade secondary pace up
By Cristal Cody
Tupelo, Miss., June 2 – Octagon Credit Investors, LLC priced $660.96 million of notes in a refinancing and reset of a vintage 2012 CLO in the CLO manager’s fifth refinancing transaction year to date.
Octagon priced eight tranches of notes in the deal.
Nearly $80 billion of vintage CLOs have refinanced year to date, according to market sources.
Securitized secondary market volume rose on Thursday in investment-grade trading.
During the session, $90.04 million of investment-grade CBO/CDO/CLO issues were traded, compared to $34.05 million of high-grade securities on Wednesday, according to Trace.
The session saw $102.11 million of non-investment-grade securities trade, down from the $365.84 million of securities traded on Wednesday.
Octagon refinances XIV
Octagon Credit Investors priced $660.96 million of notes due July 15, 2029 in a refinancing and reset of the Octagon Investment Partners XIV, Ltd./Octagon Investment Partners XIV, LLC transaction, according to a market source and a notice of executed first supplemental indenture.
The CLO sold $420.5 million of class A-1a-R senior secured floating-rate notes at Libor plus 117 basis points at the top of the capital structure.
Citigroup Global Markets Inc. arranged the offering.
The refinanced CLO has a new non-call period that ends in July 2019 and a reinvestment period that ends in July 2022.
Proceeds were used to redeem the original notes.
The CLO is backed primarily by broadly syndicated senior secured corporate loans.
Octagon Credit Investors has refinanced five vintage CLOs year to date.
The CLO manager priced three new CLOs and refinanced one CLO in 2016.
The New York-based credit investment firm is a subsidiary of Conning & Co.
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