Chicago, Dec. 23 – Sound Point Capital Management LP priced $504.25 million of notes due Jan. 25, 2032 in a new broadly syndicated collateralized loan obligation offering, according to a market source.
Sound Point CLO XXVIII, Ltd./Sound Point CLO XXVIII Inc. priced $295 million class A-1 floating-rate notes at Libor plus 128 basis points, $15 million class A-2 1.681% fixed-rate notes and $70 million class B floating-rate notes at Libor plus 165 bps.
Additionally, the CLO includes $30 million class C floating-rate notes at Libor plus 225 bps, $27.5 million class D floating-rate notes at Libor plus 365 bps and $18.75 million class E floating-rate notes at Libor plus 690 bps.
There are also a $48 million of subordinated notes.
Barclays is the agent.
Sound Point Capital Management will manage the CLO.
The CLO has a one-year non-call period and a three-year reinvestment period.
Sound Point currently manages 25 CLOs and has $16.5 billion in total CLO assets under management.
The asset management firm is based in New York.
| Issuer: | Sound Point CLO XXVIII, Ltd./Sound Point CLO XXVIII Inc.
|
| Amount: | $504.25 million
|
| Maturity: | Jan. 25, 2032
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays
|
| Manager: | Sound Point Capital Management LP
|
| Call feature: | One year
|
| Pricing date: | Dec. 23
|
| Settlement date: | Dec. 28
|
|
|
| Class A-1 notes
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| Amount: | $295 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 128 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class A-2 notes
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| Amount: | $15 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 1.681%
|
| Ratings: | S&P: AAA
|
|
|
| Class B notes
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| Amount: | $70 million
|
| Securities: | Floating-rate notes
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| Coupon: | Libor plus 165 bps
|
| Ratings: | S&P: AA
|
|
|
| Class C notes
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| Amount: | $30 million
|
| Securities: | Deferrable floating-rate notes
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| Coupon: | Libor plus 225 bps
|
| Ratings: | S&P: A
|
|
|
| Class D notes
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| Amount: | $27.5 million
|
| Securities: | Deferrable floating-rate notes
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| Coupon: | Libor plus 365 bps
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| Ratings: | S&P: BBB-
|
|
|
| Class E notes
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| Amount: | $18.75 million
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| Securities: | Deferrable floating-rate notes
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| Coupon: | Libor plus 690 bps
|
| Ratings: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $48 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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