Octagon Credit Investors resets $520.4 million 2016 CLO; Cairn refinances 2016 notes

By Cristal Cody

Tupelo, Miss., July 19 – In new CLO refinancing action, deals priced in both the U.S. dollar- and euro-denominated primary markets.

Octagon Credit Investors, LLC refinanced a $520.4 million CLO that first priced in 2016.

Cairn Loan Investments LLP also refinanced €323.55 million of notes from a 2016 CLO.

About $66 billion of dollar-denominated CLOs have been refinanced year to date, while more than €11 billion of euro-denominated vintage CLOs have repriced, according to market sources.

In its deal, Octagon Credit Investors priced $520.4 million of notes in a refinancing and reset of the Octagon Investment Partners 27, Ltd./Octagon Investment Partners 27, LLC transaction, according to a market source and a notice of executed second supplemental indenture on Tuesday.

The CLO sold $310 million of class A-1-R senior secured floating-rate notes at Libor plus 107 basis points in the senior tranche.

Morgan Stanley & Co. LLC arranged the offering.

Separately, Cairn Loan Investments sold €323.55 million of notes due July 25, 2029 at par in a refinancing of the 2016 vintage Cairn CLO VI BV transaction, according to a market source and a notice to noteholders.

The CLO priced €212 million of class A-R senior secured floating-rate notes at Euribor plus 79 bps at the top of the capital stack.

Goldman Sachs International arranged the offering.

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