By Cristal Cody
Tupelo, Miss., Sept. 11 – Sound Point Capital Management LP sold $20 million of notes due April 15, 2031 in two tranches in a partial refinancing of a vintage 2018 broadly syndicated collateralized loan obligation transaction, according to a market source.
Sound Point CLO XIX, Ltd. priced $5 million of 2.73% class B-2a-R senior secured fixed-rate notes (Aa2) and $15 million of class B-2b-R senior secured floating-rate notes at Libor plus 235 basis points.
The original class B-2 senior secured fixed-rate notes were issued in a $20 million tranche in the CLO offering on May 3, 2018 with a 4.15% coupon.
Goldman Sachs & Co. LLC was the refinancing agent.
Sound Point Capital will continue to manage the CLO notes.
The deal is collateralized primarily by broadly syndicated first-lien senior secured corporate loans.
Proceeds were used to redeem the original class B-2 senior secured fixed-rate notes.
The asset management firm is based in New York.
| Issuer: | Sound Point CLO XIX, Ltd.
|
| Amount: | $20 million refinancing
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| Maturity: | April 15, 2031
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| Securities: | Fixed- and floating-rate notes
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| Structure: | Cash flow CLO
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| Refinancing agent: | Goldman Sachs & Co. LLC
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| Manager: | Sound Point Capital Management LP
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| Settlement date: | Sept. 10
|
| Distribution: | Rule 144A and Regulation S
|
|
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| Class B-2a-R notes
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| Amount: | $5 million
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| Securities: | Senior secured fixed-rate notes
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| Coupon: | 2.73%
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| Ratings: | Moody’s: Aaa
|
|
|
| Class B-2b-R notes
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| Amount: | $15 million
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| Securities: | Senior secured floating-rate notes
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| Coupon: | Libor plus 235 bps
|
| Ratings: | Moody’s: Aa2
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