Sound Point brings second euro CLO; Audax prices $338.7 million in middle-market CLO

By Cristal Cody

Tupelo, Miss., Dec. 1 – Euro-denominated broadly syndicated CLO and dollar-denominated middle-market CLO supply includes new issuance from Sound Point Capital Management LP and Audax Management Co. (NY) LLC.

Sound Point Capital Management affiliate Sound Point CLO C-MOA, LLC priced €338.08 million of notes in the firm’s second euro-denominated deal this year.

In other primary action, Audax Management sold $338.7 million of notes in the manager’s second middle-market CLO offering of the year.

More than $70 billion of dollar-denominated broadly syndicated CLOs, over €20 billion of European broadly syndicated CLOs and about $8 billion of middle-market CLOs have priced year to date, according to market sources.

Sound Point taps market

Sound Point CLO C-MOA priced €338.08 million of notes due Jan. 15, 2035 in the CLO that closed on Tuesday, according to market sources.

Sound Point Euro CLO IV Funding DAC sold €201.5 million of the class A floating-rate notes at Euribor plus 110 basis points.

Citigroup Global Markets Ltd. was the placement agent.

The notes are collateralized primarily by broadly syndicated senior secured corporate loans and bonds.

The deal is the manager’s second new offering year to date.

Sound Point Capital priced two new euro-denominated CLOs in 2019.

The asset management firm is based in New York.

Audax CLO 4 in primary

Audax Management priced $338.7 million of notes due Oct. 20, 2031 in its middle-market CLO, according to market sources.

Audax Senior Debt CLO 4 LLC sold $187 million of class A floating-rate notes at Libor plus 190 bps in the senior tranche.

BofA Securities, Inc. was the placement agent.

The transaction is collateralized primarily by speculative-grade senior secured loans, cash and eligible investments.

Audax Management Co. (NY) has priced two new CLOs in 2020, following two CLO deals sold in 2019.

The private equity firm is part of Boston-based middle-market investment firm Audax Group, Inc.

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