Chicago, May 30 – Beach Point CLO Management LLC sold $397.44 million in a collateralized loan obligation being issued by Sandstone Peak II Ltd./Sandstone Peak CLO II LLC, according to a presale report.
The notes will mature on July 20, 2036.
The CLO consists of $250 million of class A senior secured floating-rate notes at SOFR plus 220 basis points, $54 million of class B senior secured floating-rate notes at SOFR plus 290 bps, $23.6 million of class C senior secured deferrable floating-rate notes at SOFR plus 350 bps, $20.8 million of class D senior secured deferrable floating-rate notes at SOFR plus 602 bps, $12.6 million of class E senior secured deferrable floating-rate notes at SOFR plus 879 bps and $36.44 million of subordinated notes.
Beach Point CLO Management LLC will manage the collateral through the end of the reinvestment period on July 20, 2028.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting Beach Point CLO Management LLC.
J.P. Morgan Securities LLC was the placement agent.
Beach Point is a Los Angeles-based investment manager.
| Issuer: | Sandstone Peak II Ltd./Sandstone Peak CLO II LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $397.44 million
|
| Maturity: | July 20, 2036
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Manager: | Beach Point CLO Management LLC
|
| Call feature: | Beach Point CLO Management LLC
|
| Settlement date: | June 9
|
|
|
| Class A notes
|
| Amount: | $250 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 220 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $54 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 290 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $23.6 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 350 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $20.8 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 602 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $12.6 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 879 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $36.44 million
|
| Securities: | Subordinated notes
|
|
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