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Sound Point Capital plans second refinancing of 2015 CLO notes
By Cristal Cody
Tupelo, Miss., July 15 – Sound Point Capital Management LP plans to refinance its Sound Point CLO IX, Ltd./Sound Point CLO IX Inc. for a second time, according to a notice of proposed supplemental indenture No. 2 on Friday.
The deal will include class A-RR senior secured floating-rate notes (expected ratings Aaa//AAA), class B-RR senior secured floating-rate notes (expected ratings Aa2), class C-RR deferrable mezzanine floating-rate notes (expected ratings A2), class D-RR deferrable mezzanine floating-rate notes (expected ratings Baa3), class E-RR deferrable junior floating-rate notes (expected ratings Ba3), class F-RR deferrable junior floating-rate notes (expected ratings B3) and additional subordinated notes.
Citigroup Global Markets Inc. is the refinancing placement agent.
Sound Point Capital Management will continue to manage the CLO.
The maturity on the second refinanced notes is expected to be extended from the original and first refinanced note maturity of July 20, 2027.
In the original $515.5 million Sound Point CLO IX transaction issued July 16, 2015, the CLO priced $325 million of class A floating-rate notes at Libor plus 152 basis points; $32.5 million of class B-1 floating-rate notes at Libor plus 200 bps; $25 million of class B-2 fixed-rate notes at 4.02%; $27.5 million of class C floating-rate notes at Libor plus 300 bps; $27.5 million of class D floating-rate notes at Libor plus 355 bps; $22.5 million of class E floating-rate notes at Libor plus 550 bps; $10 million of class F deferrable floating-rate notes at Libor plus 650 bps and $45.5 million of subordinated notes.
The CLO was first refinanced on Oct. 20, 2017.
Proceeds will be used to redeem the outstanding notes on July 22.
Sound Point Capital is a New York City-based asset management firm.
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