Preliminary Ratings Assigned To 7 Octagon Investment Partners XV Ltd. Classes In Connection With Proposed Refinancing

Stocks and Financial Services Press Releases Thursday July 13, 2017 09:25
CHARLOTTESVILLE--13 Jul--S&P Global Ratings

CHARLOTTESVILLE (S&P Global Ratings) July 12, 2017--S&P Global Ratings today assigned its preliminary ratings to the class X-R, A-1A-R, A-1B-R, B-R, C-R, D-R, and E-R replacement notes from Octagon Investment Partners XV Ltd., a collateralized loan obligation (CLO) originally issued in 2013 that is managed by Octagon Credit Investors LLC. The replacement notes will be issued via a proposed restated indenture.

The replacement class A-2-R notes are not being rated by S&P Global Ratings.
The preliminary ratings reflect our opinion that the credit support available is commensurate with the associated rating levels.
Subsequent information may result in the assignment of final ratings that differ from the preliminary ratings.

The preliminary ratings are based on information as of July 12, 2017. Subsequent information may result in the assignment of final ratings that differ from the preliminary ratings. On the July 19, 2017, refinancing date, the proceeds from the issuance of the replacement notes are expected to redeem the original notes. At that time, we anticipate withdrawing the ratings on the original notes and assigning ratings to the replacement notes.

However, if the refinancing doesn't occur, we may affirm the ratings on the original notes and withdraw our preliminary ratings on the replacement notes.

The replacement notes are being issued via a proposed supplemental indenture, which, in addition to outlining the terms of the replacement notes, will also: Extend the stated maturity, reinvestment period, and weighted average life test date by five years, while the non-call period will be extended by two years.Prohibits the purchase of bonds or letter of credit obligations, changes the overcollateralization test levels, updates S&P Global Ratings' industry codes and recovery rates to conform to current criteria, and incorporates the non-model version of S&P CDO Monitor.

Increases the allowable 'CCC' and covenant-lite limits to 7.5% and 60.0%, respectively, from 5.0% and 40%.

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