Chicago, Feb. 24 – Sound Point Capital Management LP refinanced $504 million in five classes of notes from the Sound Point CLO VIII-R, Ltd. collateralized loan obligation transaction due Feb. 23, 2021, according to a notice.
The refinancing consists of $396 million of class A-R senior secured floating-rate notes at Libor plus 108 basis points, $63 million of class B-R senior secured floating-rate notes at Libor plus 155 bps, $25 million of class C-1-R mezzanine secured deferrable floating-rate notes at Libor plus 225 bps, $6 million of class C-2-R 2.92% mezzanine secured deferrable fixed-rate notes and $14 million of class R2-D2 5.15% mezzanine secured deferrable fixed-rate notes.
Collateral for the notes is primarily broadly syndicated senior secured corporate loans.
Three other classes of secured notes and one class of subordinated notes from the original transaction will remain outstanding.
The non-call period has been extended as part of the refinancing.
Sound Point will continue to manage the CLO.
Sound Point is a New York-based asset management firm.
| Issuer: | Sound Point CLO VIII-R, Ltd.
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| Amount: | $504 million
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| Maturity: | Feb. 23, 2021
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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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| Settlement date: | Feb. 23
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| Class A-R notes
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| Amount: | $396 million
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| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 108 bps
|
| Rating: | Moody's: Aaa
|
| Fitch: AAA
|
|
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| Class B-R notes
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| Amount: | $63 million
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| Securities: | Senior secured floating-rate notes
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| Coupon: | Libor plus 155 bps
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| Rating: | Moody's: Aa2
|
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| Class C-1-R notes
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| Amount: | $25 million
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| Securities: | Mezzanine secured deferrable floating-rate notes
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| Coupon: | Libor plus 225 bps
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| Rating: | Moody's: A3
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| Class C-2-R notes
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| Amount: | $6 million
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| Securities: | Mezzanine secured deferrable fixed-rate notes
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| Coupon: | 2.92%
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| Rating: | Moody's: A3
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| Class R2-D2 notes
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| Amount: | $14 million
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| Securities: | Mezzanine secured deferrable fixed-rate notes
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| Coupon: | 5.15%
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| Rating: | Moody's: Ba1
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