By Cristal Cody
Tupelo, Miss., Feb. 5 – Sound Point Capital Management LP affiliate Sound Point CLO C-MOA, LLC priced €421.1 million of notes due April 15, 2033 in a broadly syndicated collateralized loan obligation transaction, according to market sources.
Sound Point Euro CLO III Funding DAC sold €2 million of class X floating-rate notes at Euribor plus 40 basis points, €248 million of class A floating-rate notes at Euribor plus 95 bps, €28 million of class B-1 floating-rate notes at Euribor plus 175 bps and €12 million of 2% class B-2 fixed-rate notes.
Sound Point Euro CLO III priced €28 million of class C floating-rate notes at Euribor plus 230 bps, €24 million of class D floating-rate notes at Euribor plus 320 bps, €20 million of class E floating-rate notes at Euribor plus 545 bps and €10.6 million of class F floating-rate notes at Euribor plus 805 bps.
The deal included €12 million of class Z notes and €36.5 million of subordinated notes.
Morgan Stanley & Co. International plc was the placement agent.
Sound Point CLO C-MOA will manage the CLO.
The notes are collateralized primarily by broadly syndicated senior secured corporate loans and bonds.
Sound Point Capital priced two new euro-denominated CLOs in 2019.
The asset management firm is based in New York.
| Issuer: | Sound Point Euro CLO III Funding DAC
|
| Amount: | €421.1 million
|
| Maturity: | April 15, 2033
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Morgan Stanley & Co. International plc
|
| Manager: | Sound Point CLO C-MOA, LLC
|
| Pricing date: | Feb. 4
|
| Settlement date: | March 24
|
|
|
| Class X notes
|
| Amount: | €2 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 40 bps
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class A notes
|
| Amount: | €248 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 95 bps
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | €28 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 175 bps
|
| Ratings: | S&P: AA
|
| Fitch: AA
|
|
|
| Class B-2 notes
|
| Amount: | €12 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 2%
|
| Ratings: | S&P: AA
|
| Fitch: AA
|
|
|
| Class C notes
|
| Amount: | €28 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 230 bps
|
| Ratings: | S&P: A
|
| Fitch: A
|
|
|
| Class D notes
|
| Amount: | €24 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 320 bps
|
| Ratings: | S&P: BBB
|
| Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | €20 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 545 bps
|
| Ratings: | S&P: BB
|
| Fitch: BB
|
|
|
| Class F notes
|
| Amount: | €10.6 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 805 bps
|
| Ratings: | S&P: B-
|
| Fitch: B-
|
|
|
| Class Z notes
|
| Amount: | €12 million
|
| Securities: | Notes
|
| Ratings: | Non-rated
|
|
|
| Equity
|
| Amount: | €36.5 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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