Octagon sells $507.5 million CLO; PGIM prices $508.05 million new CLO, refinances notes

By Cristal Cody

Tupelo, Miss., July 3 – Octagon Credit Investors, LLC priced $507.5 million of notes in the manager’s second CLO deal of the year.

In other new issuance, details emerged on PGIM, Inc.’s new $508.05 million CLO deal set to close in July.

Also, PGIM was in the primary market with a $525.63 million refinancing and reset of a CLO that priced in January.

Year to date, about $62 billion of new CLOs have priced, while more than $22 billion of vintage CLOs have been refinanced, according to a BofA note.

In its deal, Octagon Credit Investors priced $507.5 million of notes due July 20, 2032 in the new CLO transaction, according to a market source.

Octagon Investment Partners 44, Ltd./Octagon Investment Partners 44, LLC sold $325 million of the class A floating-rate notes Libor plus 130 basis points.

Morgan Stanley & Co. LLC was the placement agent.

Meanwhile, PGIM priced $508.05 million of notes due July 15, 2032 at par in its new issue CLO offering, according to a market source.

Dryden 68 CLO, Ltd./Dryden 68 CLO, LLC sold $325 million of the class A floating-rate notes at Libor plus 131 bps.

RBC Capital Markets, LLC was the placement agent.

The deal is backed primarily by broadly syndicated first-lien senior secured loans.

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