Sound Point Capital prices $503.2 million CLO; Zais taps market; Brigade sells floaters

By Cristal Cody

Tupelo, Miss., Sept. 24 – In the broadly syndicated CLO primary market, Sound Point Capital Management LP priced a new $503.2 million offering.

Sound Point Capital has priced two new dollar-denominated CLOs so far this year and was in the market earlier in September with a partial CLO refinancing.

In other supply, Zais Group, LLC issued a $297.24 million broadly syndicated CLO in the manager’s third deal of the year.

Meanwhile, KKR Financial Advisors II, LLC closed Thursday on its previously reported $450.76 million KKR CLO 30 Ltd./KKR CLO 30 LLC offering, which priced the senior AAA tranche at Libor plus 150 basis points.

In the refinancing space, Brigade Capital Management, LLC repriced $57.75 million of notes in three tranches from a vintage 2018 CLO, replacing the original fixed-rate tranches with floating-rate tranches.

More than $51 billion of new CLOs have priced year to date, while another roughly $28 billion of vintage CLOs have been refinanced, according to market sources.

Sound Point XXVII prints

Sound Point Capital priced $503.2 million of notes due Oct. 25, 2031 in the new CLO offering, according to market sources.

Sound Point CLO XXVII, Ltd./Sound Point CLO XXVII Inc. priced the $300 million of class A-1A floating-rate notes at Libor plus 147 bps.

Citigroup Global Markets Inc. was the placement agent.

Sound Point Capital has priced two new dollar-denominated CLOs and one euro-denominated CLO, as well as one partial CLO refinancing, year to date.

The asset management firm is based in New York.

Zais prices new CLO

Zais Group priced $297,239,000 of notes due Oct. 20, 2031 in its offering that closed on Thursday, according to market sources.

Zais CLO 16 Ltd./Zais CLO 16 LLC sold $90 million of class A-1 floating-rate notes at Libor plus 219 bps at the top of the capital structure.

Jefferies LLC was the placement agent.

Zais Leveraged Loan Master Manager, LLC will manage the CLO.

The issue is backed by broadly syndicated first-lien senior secured corporate loans.

Zais has priced three new CLOs year to date.

The structured credit asset management firm is based in Red Bank, N.J.

Brigade refinances

Brigade Capital priced $57.75 million of notes due May 19, 2031 in the refinancing transaction, according to market sources.

Battalion CLO XII Ltd./Battalion CLO XII LLC sold $25 million of class A-2-R senior secured floating-rate notes at Libor plus 145 bps in the senior tranche.

In the original $611.5 million Battalion CLO XII offering issued May 16, 2018, the CLO had priced $25 million of 3.83% class A-2 senior secured fixed-rate notes.

J.P. Morgan Securities, LLC was the refinancing agent.

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

The investment advisor firm is based in New York.

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