Chicago, Feb. 16 – Sound Point Capital Management LP affiliate Sound Point CLO C-MOA, LLC refinanced for €406.8 million the collateralized loan obligation issued by Sound Point Euro CLO II Funding DAC, according to multiple notices.
The notes will mature on Jan. 21, 2036.
The refinanced CLO consists of €248 million of class A-R senior secured floating-rate notes at Euribor plus 93 basis points, €25 million of class B-1-R senior secured floating-rate notes at Euribor plus 170 bps, €15 million of class B-2-R 2.15% senior secured fixed-rate notes, €27 million of class C-R senior secured deferrable floating-rate notes at Euribor plus 235 bps, €26 million of class D-R senior secured deferrable floating-rate notes at Euribor plus 340 bps, €20 million of class E-R senior secured deferrable floating-rate notes at Euribor plus 635 bps, €12 million of class F-R senior secured deferrable floating-rate notes at Euribor plus 905 bps and €33.8 million of subordinated notes.
Originally, the CLO had €2 million of class X senior secured floating-rate notes at Euribor plus 50 bps, €248 million of class A senior secured floating-rate notes at Euribor plus 111 bps, €24 million of class B-1 senior secured floating-rate notes at Euribor plus 185 bps and €15 million of 2.42% class B-2 senior secured fixed-rate notes.
Sound Point Euro CLO II also originally priced €25 million of class C senior secured deferrable floating-rate notes at Euribor plus 270 bps, €27.5 million of class D senior secured deferrable floating-rate notes at Euribor plus 408 bps, €22.5 million of class E senior secured deferrable floating-rate notes at Euribor plus 641 bps, €9 million of class F senior secured deferrable floating-rate notes at Euribor plus 825 bps and €33.75 million of subordinated notes.
Sound Point CLO C-MOA, LLC will manage the collateral through the end of the 4.7-year reinvestment period.
Collateral for the notes will come from senior secured loans or senior secured bonds.
Credit Suisse International was the placement agent.
Sound Point is based in New York.
| Issuer: | Sound Point Euro CLO II Funding DAC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | €406.8 million
|
| Maturity: | Jan. 21, 2036
|
| Structure: | Cash flow CLO
|
| Placement agent: | Credit Suisse International
|
| Manager: | Sound Point CLO C-MOA, LLC
|
| Settlement date: | Feb. 15
|
|
|
| Class A-R notes
|
| Amount: | €248 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 93 bps
|
| Price: | Par
|
| Rating: | Moody's: Aaa
|
| Fitch: AAA
|
|
|
| Class B-1-R notes
|
| Amount: | €25 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 170 bps
|
| Price: | Par
|
| Rating: | Moody's: Aa2
|
| Fitch: AA
|
|
|
| Class B-2-R notes
|
| Amount: | €15 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.15%
|
| Price: | Par
|
| Rating: | Moody's: Aa2
|
| Fitch: AA
|
|
|
| Class C-R notes
|
| Amount: | €27 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 235 bps
|
| Price: | Par
|
| Rating: | Moody's: A2
|
| Fitch: A
|
|
|
| Class D-R notes
|
| Amount: | €26 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 340 bps
|
| Price: | Par
|
| Rating: | Moody's: Baa3
|
| Fitch: BBB-
|
|
|
| Class E-R notes
|
| Amount: | €20 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 635 bps
|
| Price: | 99
|
| Rating: | Moody's: Ba3
|
| Fitch: BB-
|
|
|
| Class F-R notes
|
| Amount: | €12 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 905 bps
|
| Price: | 96.5
|
| Rating: | Moody's: B3
|
| Fitch: B-
|
|
|
| Subordinated notes
|
| Amount: | €33.8 million
|
| Securities: | Subordinated notes
|
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