Octagon sells $511.2 million CLO, refinances vintage deal; Alcentra, NXT Capital reprice CLOs

By Cristal Cody

Tupelo, Miss., Jan. 23 – The CLO market is beginning to see new issuance with a 511.2 million transaction from Octagon Credit Investors, LLC.

Octagon also sold $738.3 million of notes in a second refinancing of a vintage 2014 CLO.

In other refinancing activity, Alcentra NY, LLC priced $546.25 million of notes in a reset of a vintage 2013 CLO.

Also, NXT Capital LLC subsidiary NXT Capital Investment Advisers LLC refinanced $321 million of notes from a vintage 2015 middle-market CLO.

In its deal, Octagon Credit Investors priced $511.2 million of notes due Jan. 20, 2031 in the new Octagon Investment Partners 35, Ltd./Octagon Investment Partners 35, LLC transaction, according to a market source.

The CLO sold $290 million of the class A-1a floating-rate notes at Libor plus 106 basis points.

BofA Merrill Lynch arranged the offering.

In 2017, Octagon Credit Investors priced four new CLOs and refinanced notes from seven vintage CLOs.

The New York-based credit investment firm is a subsidiary of Conning & Co.

Meanwhile, Octagon Credit Investors also priced $738,368,750 of notes in a second refinancing of the 2014 vintage Octagon Investment Partners XXII, Ltd./Octagon Investment Partners XXII, LLC transaction.

The CLO priced the $424.4 million tranche of class A-RR senior secured floating-rate notes at Libor plus 107 bps.

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