By Cristal Cody
Tupelo, Miss., Oct. 2 – Sound Point Capital Management LP refinanced $416 million of class A notes due Jan. 23, 2029 from the vintage 2017 Sound Point CLO XV, Ltd. transaction, according to a market source.
The CLO sold the class A-R senior secured floating-rate notes (Aaa//AAA) at par to yield Libor plus 115 basis points.
MUFG was the refinancing placement agent for the tranche.
Sound Point Capital will continue to manage the CLO.
The class A-R notes are non-callable to but excluding Sept. 30, 2020.
In the original $664.3 million transaction issued March 9, 2017, the CLO sold $416 million of class A senior secured floating-rate notes at Libor plus 139 bps.
The deal also had included $74.75 million of class B senior secured floating-rate notes at Libor plus 175 bps; $38.19 million of class C mezzanine secured deferrable floating-rate notes at Libor plus 250 bps; $36.56 million of class D mezzanine secured deferrable floating-rate notes at Libor plus 360 bps; $32.5 million of class E junior secured deferrable floating-rate notes at Libor plus 596 bps and $66.3 million of subordinated notes.
Proceeds were used to redeem the original class A notes on Monday.
The transaction is collateralized mainly by broadly syndicated first-lien senior secured corporate loans.
Sound Point Capital is a New York-based asset management firm.
| Issuer: | Sound Point CLO XV, Ltd.
|
| Amount: | $416 million refinancing
|
| Maturity: | Jan. 23, 2029
|
| Securities: | Senior secured floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | MUFG
|
| Manager: | Sound Point Capital Management LP
|
| Coupon: | Libor plus 115 bps
|
| Price: | Par
|
| Call feature: | To but excluding Sept. 30, 2020
|
| Pricing date: | Sept. 20
|
| Settlement date: | Sept. 30
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
| Distribution: | Rule 144A and Regulation S
|
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