Quiet session for CLOs; market-watchers eye Sound Point; primary sees slow start to year

By Christine Van Dusen

Atlanta, Jan. 18 – Sound Point CLO V Ltd./Sound Point CLO V Inc. received some attention on an otherwise quiet Wednesday for the CLO market.

The company is planning to redeem $489.5 million of notes via a refinancing, with the following to be redeemed in full at par plus accrued interest on Jan. 18:

• $390 million of class A notes, for an expected redemption price of $392,443,497.77;

• $37 million of class B-1 notes, for an expected redemption price of $37,263,022.35;

• $30 million of class B-2 notes, for an expected redemption price of $30,321,000; and

• $32.5 million of class C notes, for an expected redemption price of $32,801,630.37.

Sound Point Capital Management, LP is the collateral manager.

Moody’s Investors Service on Wednesday issued a report on the upcoming refinancing deal, considering how it compares to other CLO, SME, Cash Flow CDO and ABS.

Taking a look at the big picture for the CLO market, so far this year there has been one deal, totaling $570 million, according to data from Prospect News. During this same period of time a year ago, there was $407 million in global CLO issuance from one deal.

© 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.