Chicago, Feb. 16 – Sound Point Capital Management LP refinanced five classes of notes for $609 million from its Sound Point CLO XIV, Ltd./Sound Point CLO XIV LLC transaction due Jan. 23, 2029, according to a market source.
The refinancing includes $451.5 million of class A-R2 senior secured floating-rate notes at Libor plus 99 basis points (originally 153 bps), $55.5 million of class B-1-R senior secured floating-rate notes at Libor plus 150 bps (originally 200 bps), $25 million of class B-2-R senior secured of 1.8% fixed-rate notes (originally 3.4195%), $42 million of class C-R mezzanine secured deferrable floating-rate notes at Libor plus 205 bps (originally 265 bps) and $35 million of class D-R mezzanine secured deferrable floating-rate notes at Libor plus 365 bps (originally 385 bps).
The series E secured deferrable floating-rate notes at Libor plus 665 bps and one class of subordinated notes from the original transaction will remain outstanding.
The notes are backed primarily with syndicated senior secured corporate loans.
Sound Point Capital will continue to manage the CLO.
The non-call period has been extended. Additionally, alternative benchmark language has been added with the refinancing.
Sound Point is a New York-based asset management firm
| Issuer: | Sound Point CLO XIV, Ltd./Sound Point CLO XIV LLC
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| Amount: | $609 million
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| Maturity: | Jan. 23, 2029
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| Securities: | Floating-rate and fixed-rate notes
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| Structure: | Cash flow CLO
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| Manager: | Sound Point Capital Management LP
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| Announcement date: | Feb. 12
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| Class A-R2 notes
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| Amount: | $451.5 million
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| Securities: | Senior secured floating-rate notes
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| Coupon: | Libor plus 99 bps
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| Rating: | Moody's: Aaa
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| Class B-1-R notes
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| Amount: | $55.5 million
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| Securities: | Senior secured floating-rate notes
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| Coupon: | Libor plus 150 bps
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| Rating: | Moody's: Aa1
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| Class B-2-R notes
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| Amount: | $25 million
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| Securities: | Senior secured fixed-rate notes
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| Coupon: | 1.8%
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| Rating: | Moody's: Aa1
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| Class C-R notes
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| Amount: | $42 million
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| Securities: | Mezzanine secured deferrable floating-rate notes
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| Coupon: | Libor plus 205 bps
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| Rating: | Moody's: A1
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| Class D-R notes
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| Amount: | $35 million
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| Securities: | Mezzanine secured deferrable floating-rate notes
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| Coupon: | Libor plus 365 bps
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| Rating: | Moody's: Baa2
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