Octagon prices $495.05 million CLO; Whitebox sells $404.4 million; outlook positive

By Cristal Cody

Tupelo, Miss., Sept. 4 – New broadly syndicated CLO volume includes deals from Octagon Credit Investors, LLC and Whitebox Capital Management, LLC.

Octagon Credit Investors priced $495.05 million of notes in the manager’s second new offering of the year.

Whitebox Capital Management sold $404.4 million of notes in its first issuance of the year. The CLO manager was last in the primary market in 2019 when it issued a debut CLO on Aug. 22, 2019.

In other market activity on Friday, Marble Point CLO Management LLC closed on its previously reported $494.5 million Marble Point CLO XVIII, Ltd./Marble Point CLO XVIII LLC transaction.

The CLO sold $300 million of the class A floating-rate notes at Libor plus 190 basis points.

Also, GSO/Blackstone Debt Funds Management LLC closed Friday on its $299.15 million previously reported Stratus 2020-2, Ltd./Stratus 2020-2, LLC static CLO offering.

The CLO priced the $193.5 million of class A floating-rate notes at Libor plus 130 bps.

S&P Global Ratings said in a CLO credit update report on Friday that the market showed “positive signs” in August.

“For instance, on August 31, widely held auto components company LTI Holding Inc. was upgraded to B- from CCC+, a positive sign for CCC buckets of CLOs,” S&P said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.