Sound Point Capital prices $503.2 million CLO; Zais taps market; Brigade sells floaters

By Cristal Cody

Tupelo, Miss., Sept. 24 – In the broadly syndicated CLO primary market, Sound Point Capital Management LP priced a new $503.2 million offering.

Sound Point Capital has priced two new dollar-denominated CLOs so far this year and was in the market earlier in September with a partial CLO refinancing.

In other supply, Zais Group, LLC issued a $297.24 million broadly syndicated CLO in the manager’s third deal of the year.

Meanwhile, KKR Financial Advisors II, LLC closed Thursday on its previously reported $450.76 million KKR CLO 30 Ltd./KKR CLO 30 LLC offering, which priced the senior AAA tranche at Libor plus 150 basis points.

In the refinancing space, Brigade Capital Management, LLC repriced $57.75 million of notes in three tranches from a vintage 2018 CLO, replacing the original fixed-rate tranches with floating-rate tranches.

More than $51 billion of new CLOs have priced year to date, while another roughly $28 billion of vintage CLOs have been refinanced, according to market sources.

In its deal, Sound Point Capital priced $503.2 million of notes due Oct. 25, 2031 in the new CLO offering, according to market sources.

Sound Point CLO XXVII, Ltd./Sound Point CLO XXVII Inc. priced the $300 million of class A-1A floating-rate notes at Libor plus 147 bps.

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