Chicago, Sept. 21 – Silver Point Specialty Credit Fund Management LLC sold $400 million in a middle-market collateralized loan obligation being issued by Silver Point SCF CLO I Ltd./Silver Point SCF CLO I LLC, according to a pre-sale report.
This is the first time Silver Point has been in the CLO market since 2006.
The notes will mature on Oct. 15, 3032.
The CLO consists of $100 million of class A-1 senior secured floating-rate loans at Libor plus 172 basis points, $104.5 million of class A-1a senior secured floating-rate notes at Libor plus 172 bps, $7.5 million of class A-1b 2.45% senior secured fixed-rate notes, $6 million of class A-2a senior secured floating-rate notes at Libor plus 190 bps, $10 million of class A-2b 2.81% senior secured fixed-rate notes, $8 million of class B-1 senior secured floating-rate notes at Libor plus 200 bps, $8 million of class B-2 2.94% senior secured fixed-rate notes, $44 million of class C senior secured deferrable floating-rate notes at Libor plus 300 bps, $12 million of class D senior secured deferrable floating-rate notes at Libor plus 415 bps and $100 million of subordinated notes.
The class A-1 loans can be converted into class A-1a notes on any payment date in increments of $20 million. None of the notes can be converted into loans.
Silver Point Specialty Credit Fund Management LLC will manage the collateral through the end of the reinvestment period on Oct. 15, 2024.
The notes can be called starting Sept. 9, 2022.
GreensLedge Capital Markets LLC and Deutsche Bank Securities Inc. are the placement agents.
Silver Point Specialty Credit Fund Management LLC is a subsidiary of Silver Point Capital, LP.
| Issuers: | Silver Point SCF CLO I Ltd./Silver Point SCF CLO I LLC
|
| Issue: | Floating-rate loans, floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $400 million
|
| Maturity: | Oct. 15, 3032
|
| Structure: | Cash flow CLO
|
| Placement agents: | GreensLedge Capital Markets LLC and Deutsche Bank Securities Inc.
|
| Manager: | Silver Point Specialty Credit Fund Management LLC
|
| Call feature: | Sept. 9, 2022
|
| Pricing date:
|
| Settlement date: | Sept. 9
|
|
|
| Class A-1 loans
|
| Amount: | $100 million
|
| Securities: | Senior secured floating-rate loans
|
| Coupon: | Libor plus 172 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1a notes
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| Amount: | $104.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 172 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1b notes
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| Amount: | $7.5 million
|
| Securities: | Senior secured fixed-rate notes
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| Coupon: | 2.45%
|
| Rating: | S&P: AAA
|
|
|
| Class A-2a notes
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| Amount: | $6 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2b notes
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| Amount: | $10 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.81%
|
| Rating: | S&P: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $8 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-2 notes
|
| Amount: | $8 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.94%
|
| Rating: | S&P: AA
|
|
|
| Class C notes
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| Amount: | $44 million
|
| Securities: | Senior secured deferrable floating-rate notes
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| Coupon: | Libor plus 300 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
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| Amount: | $12 million
|
| Securities: | Senior secured deferrable floating-rate notes
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| Coupon: | Libor plus 415 bps
|
| Rating: | S&P: BBB-
|
|
|
| Subordinated notes
|
| Amount: | $100 million
|
| Securities: | Subordinated notes
|
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