By Cristal Cody
Tupelo, Miss., March 17 – Sound Point Capital Management LP brought a $625 million collateralized loan obligation deal, according to a market source.
Sound Point CLO VIII, Ltd./Sound Point CLO VIII Inc. priced $4 million of class X floating-rate notes at Libor plus 100 basis points; $340 million of class A floating-rate notes at Libor plus 153 bps; $50 million of class A floating-rate loans at Libor plus 138 bps; $69 million of class B floating-rate notes at Libor plus 205 bps; $33 million of class C floating-rate notes at Libor plus 300 bps; $33 million of class D floating-rate notes at Libor plus 365 bps; $27 million of class E floating-rate notes at Libor plus 530 bps; $15.6 million of class F deferrable floating-rate notes at Libor plus 685 bps and $53.4 million of subordinated notes.
Morgan Stanley & Co. LLC was the placement agent.
Sound Point Capital Management will manage the CLO.
New York City-based asset management firm Sound Point Capital priced three CLO deals in 2014.
| Issuer: | Sound Point CLO VIII, Ltd./Sound Point CLO VIII Inc.
|
| Amount: | $625 million
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Morgan Stanley & Co. LLC
|
| Manager: | Sound Point Capital Management LP
|
| Pricing date: | March 5
|
|
|
| Class X notes
|
| Amount: | $4 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 100 bps
|
| Expected rating: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A notes
|
| Amount: | $340 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 153 bps
|
| Expected ratings: Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A loans
|
| Amount: | $50 million
|
| Securities: | Floating-rate loans
|
| Coupon: | Libor plus 138 bps
|
| Expected ratings: Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $69 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 205 bps
|
| Expected rating: | Moody’s: Aa2
|
|
|
| Class C notes
|
| Amount: | $33 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 300 bps
|
| Expected rating: | Moody’s: A2
|
|
|
| Class D notes
|
| Amount: | $33 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 365 bps
|
| Ratings: | Moody’s: Baa3
|
|
|
| Class E notes
|
| Amount: | $27 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 530 bps
|
| Expected rating: | Moody’s: Ba3
|
|
|
| Class F notes
|
| Amount: | $15.6 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 685 bps
|
| Expected rating: | Moody’s: B3
|
|
|
| Equity
|
| Amount: | $53.4 million
|
| Securities: | Subordinated notes
|
| Rating: | Non-rated
|
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