Sound Point Capital, AXA refinance CLO notes at par; Apex to price $403.4 million CLO

By Cristal Cody

Eureka Springs, Ark., Jan. 25 – Sound Point Capital Management LP refinanced a vintage CLO deal as refinancing activity continues to remain ramped up in 2017.

Sound Point Capital refinanced notes originally priced in 2013.

Also, AXA Investment Managers, Inc. refinanced $288 million of notes from a 2013 CLO.

The new issue market has seen one deal so far in 2017, though the pipeline is filling, according to market sources.

Apex Credit Partners LLC plans to price $403.4 million of notes in a new CLO transaction.

In its deal, Sound Point Capital Management priced $410 million of notes due July 15, 2025 at par in a refinancing of the vintage 2013 Sound Point CLO III, Ltd./Sound Point CLO III LLC transaction, according to a market source.

The CLO priced $315 million of class A-R senior secured floating-rate notes at Libor plus 130 basis points in the senior tranche.

Credit Suisse Securities (USA) LLC was the refinancing agent.

Meanwhile, AXA Investment Managers priced $288 million of notes due Jan. 30, 2026 at par in a refinancing of a vintage 2013 CLO, according to a market source.

Allegro CLO I, Ltd./Allegro CLO I LLC sold $213.8 million of class A-1-R senior secured floating-rate notes at Libor plus 122 bps at the top of the stack.

Morgan Stanley & Co. LLC arranged the refinancing.

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