Octagon Credit Investors prices $517.6 million CLO; Credit Suisse eyes 2016 refinancing

By Cristal Cody

Tupelo, Miss., Oct. 25 – Octagon Credit Investors, LLC priced $517.6 million of notes this week in the manager’s sixth CLO deal of the year.

While the market has seen repeat issuers in 2019, 10 new managers also have issued broadly syndicated loan and middle-market CLOs so far this year, Fitch Ratings said in a report on Friday.

The total is the “same number of new managers logged in 2017 and 2018,” Fitch said.

In other deal activity, Credit Suisse Asset Management, LLC plans to refinance an $814.25 million 2016 vintage CLO.

Elsewhere, Blackstone/GSO Debt Funds Management Europe Ltd. gave notice on the remaining outstanding tranche from the vintage 2013 Herbert Park BV European CLO, the €44.68 million of subordinated notes due 2027.

The collateral manager said there is only one collateral obligation remaining in the portfolio of the issuer and “there is no reasonable expectation that future distributions with respect to such collateral obligation will be sufficient to meet the ongoing costs and expenses of the issuer,” according to a filing with the London Stock Exchange on Friday.

The CLO was priced on Aug. 9, 2013 and issued Sept. 12, 2013.

The notes were redeemed in full, except for the subordinated tranche, at par plus accrued interest on April 20, 2017.

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