By Cady Vishniac
Detroit, Jan. 21 – Sound Point Capital Management LP refinances $573.5 million of notes due Oct. 20, 2028 in a partial refinancing of its Sound Point CLO XII, Ltd./Sound Point CLO XII LLC transaction, according to a market source.
The CLO issued $451.5 million class A-R2 senior secured floating-rate notes at Libor plus 105 basis points, $80.5 million class B-R2 of senior secured floating-rate notes at Libor plus 150 and $42 million of class C-R2 mezzanine secured deferrable floating-rate notes at Libor plus 205.
Sound Point Capital will manage the CLO.
The CLO is backed primarily by broadly syndicated senior secured corporate loans.
The CLO was last refinanced in March 2019, when Sound Point sold $451.5 million class A-R floating-rate notes at Libor plus 129, $80.5 million of class B-R floating-rate notes at Libor plus 180, $42 million of class C-R deferrable floating-rate notes at Libor plus 260, $35 million of class D-R deferrable floating-rate notes at Libor plus 385 and $35 million of class E-R deferrable floating-rate notes at Libor plus 690.
Sound Point first sold the $722.5 million CLO on July 13, 2016. The original notes included $5.25 million of class X floating-rate notes at Libor plus 125 basis points, $451.5 million of class A floating-rate notes at Libor plus 166 bps, $55.5 million of class B-1 floating-rate notes at Libor plus 225 bps, $25 million of 3.48% class B-2 fixed-rate notes, $42 million of class C floating-rate notes at Libor plus 290 bps, $35 million of class D floating-rate notes at Libor plus 425 bps, $35 million of class E floating-rate notes at Libor plus 640 bps and $73.25 million of subordinated notes.
Sound Point is a New York-based asset management firm
| Issuer: | Sound Point CLO XII, Ltd./Sound Point CLO XII LLC.
|
| Amount: | $573.5 million, refinancing
|
| Maturity: | Oct. 20, 2028
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Manager: | Sound Point Capital Management LP
|
| Announcement date: | Jan. 20
|
|
|
| Class A-R2 notes
|
| Amount: | $451.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 105 bps
|
| Ratings: | Moody’s: Aaa
|
|
|
| Class B-R2 notes
|
| Amount: | $80.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 150 bps
|
| Ratings: | Moody’s: Aa1
|
|
|
| Class C-R2 notes
|
| Amount: | $42 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 205 bps
|
| Ratings: | Moody’s: A1
|
© 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.
