By Cristal Cody
Tupelo, Miss., Feb. 7 – Sound Point Capital Management LP priced $664.3 million of notes due Jan. 23, 2029 in the new Sound Point CLO XV, Ltd. transaction, according to a market source.
The CLO sold $416 million of class A senior secured floating-rate notes at Libor plus 139 basis points; $74.75 million of class B senior secured floating-rate notes at Libor plus 175 bps; $38.19 million of class C mezzanine secured deferrable floating-rate notes at Libor plus 250 bps; $36.56 million of class D mezzanine secured deferrable floating-rate notes at Libor plus 360 bps; $32.5 million of class E junior secured deferrable floating-rate notes at Libor plus 596 bps and $66.3 million of subordinated notes.
MUFG arranged the deal.
Sound Point Capital will manage the CLO.
The CLO has a two-year non-call period and a four-year reinvestment period.
The transaction is collateralized mainly by broadly syndicated first-lien senior secured corporate loans.
Sound Point Capital, a New York-based asset management firm, priced three new CLO deals in 2016.
| Issuer: | Sound Point CLO XV, Ltd.
|
| Amount: | $664.3 million
|
| Maturity: | Jan. 23, 2029
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | MUFG
|
| Manager: | Sound Point Capital Management LP
|
| Call feature: | Two years
|
| Pricing date: | Feb. 2
|
| Settlement date: | Feb. 22
|
|
|
| Class A notes
|
| Amount: | $416 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 139 bps
|
| Rating: | Moody’s: Aaa
|
|
|
| Class B notes
|
| Amount: | $74.75 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C notes
|
| Amount: | $38.19 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 250 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class D notes
|
| Amount: | $36.56 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 360 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E notes
|
| Amount: | $32.5 million
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 596 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Equity
|
| Amount: | $66.3 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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