ข่าวประชาสัมพันธ์การเงิน/หลักทรัพย์

Octagon Investment Partners 36 Ltd. $347.10 Million Notes Assigned Preliminary Ratings

          NEW YORK (S&P Global Ratings) March 7, 2018--S&P Global Ratings today assigned its preliminary ratings to Octagon Investment Partners 36 Ltd./Octagon Investment Partners 36 LLC's $347.10 million floating-rate and combination notes (see list). 
          The note issuance is a collateralized loan obligation transaction backed primarily by broadly syndicated senior secured term loans. 
          The preliminary ratings are based on information as of March 7, 2018. Subsequent information may result in the assignment of final ratings that differ from the preliminary ratings.
 
          The preliminary ratings reflect:
          - The diversified collateral pool, which consists primarily of broadly syndicated speculative-grade senior secured term loans that are governed by collateral quality tests.
          - The credit enhancement provided through the subordination of cash flows, excess spread, and overcollateralization.
          - The collateral manager's experienced team, which can affect the performance of the rated notes through collateral selection, ongoing portfolio management, and trading.
          - The transaction's legal structure, which is expected to be bankruptcy remote.
          - Our principal-only rating on the class R combination notes, which consist of $100,000 of the class X notes, $14.875 million of the class A-1 notes, $1.875 million of the class A-2 notes, $1.563 million of the class B notes, $24.063 million of the class C notes, $1.50 million of the class D notes, $1.00 million of the class E notes, and $500,000 of the class F notes, takes into account our cash flow analysis, assuming paydowns to the class R combination notes from interest payments, or principal payments on the underlying notes. The class R combination notes also consist of $2.125 million of the subordinated notes, though our analysis is assuming no subordinate note distributions will pay down the class R combination notes from the underlying subordinate note component.