By Cristal Cody
Tupelo, Miss., April 15 – Sound Point Capital Management LP affiliate Sound Point CLO C-MOA, LLC sold €507.5 million of notes due April 25, 2032 in the new Sound Point Euro CLO I Funding DAC transaction, according to market sources.
The CLO priced €2.5 million of class X floating-rate notes at Euribor plus 58 basis points, €310 million of class A floating-rate notes at Euribor plus 116 bps, €15 million of class B-1 floating-rate notes at Euribor plus 200 bps, €20 million of 2.7% class B-2 fixed-rate notes and €13,375,000 of class B-3 floating-rate notes at Euribor plus 232 bps. The class B-3 notes will reset to Euribor plus 200 bps after the non-call period.
Sound Point also priced €11 million of class C-1 floating-rate notes at Euribor plus 285 bps, €11 million of 3.15% class C-2 fixed-rate notes and €9.25 million of 3% class C-3 fixed-rate notes that will reset to a floating rate of Euribor plus 285 bps after the non-call period.
In addition, the CLO sold €32.2 million of class D floating-rate notes at Euribor plus 425 bps, €27,125,000 of class E floating-rate notes at Libor plus 622 bps, €10,625,000 of class F floating-rate notes at Euribor plus 801 bps and €45 million of subordinated notes.
Citigroup Global Markets Ltd. was the placement agent.
Sound Point CLO C-MOA will manage the CLO.
The deal is collateralized primarily by broadly syndicated senior secured corporate loans and bonds.
Sound Point Capital is an asset management firm based in New York.
| Issuer: | Sound Point Euro CLO I Funding DAC
|
| Amount: | €507.5 million
|
| Maturity: | April 25, 2032
|
| Securities: | Fixed-rate, floating-rate, fixed-to-floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Ltd.
|
| Manager: | Sound Point CLO C-MOA, LLC
|
| Pricing date: | April 11
|
| Settlement date: | May 8
|
|
|
| Class X notes
|
| Amount: | €2.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 58 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class A notes
|
| Amount: | €310 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 116 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | €15 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 200 bps
|
| Rating: | Fitch: AA
|
|
|
| Class B-2 notes
|
| Amount: | €15 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 2.7%
|
| Rating: | Fitch: AA
|
|
|
| Class B-3 notes
|
| Amount: | €13,375,000
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 232 bps; resets to Euribor plus 200 bps after non-call period
|
| Rating: | Fitch: AA
|
|
|
| Class C-1 notes
|
| Amount: | €11 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 285 bps
|
| Rating: | Fitch: A
|
|
|
| Class C-2 notes
|
| Amount: | €11 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 3.15%
|
| Rating: | Fitch: A
|
|
|
| Class C-3 notes
|
| Amount: | €9.25 million
|
| Securities: | Fixed-to-floating rate notes
|
| Coupon: | 3%; resets to Euribor plus 285 bps after non-call period
|
| Rating: | Fitch: A
|
|
|
| Class D notes
|
| Amount: | €32.2 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 425 bps
|
| Rating: | Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | €27,175,000
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 622 bps
|
| Rating: | Fitch: BB-
|
|
|
| Class F notes
|
| Amount: | €10,625,000
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 801 bps
|
| Rating: | Fitch: B-
|
|
|
| Equity
|
| Amount: | €45 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
