Sound Point upsizes; Highbridge deal detailed; Alcentra refinances; Babson preps CLO

By Cristal Cody

Tupelo, Miss., Aug. 7 – Sound Point Capital Management LP and Highbridge Principal Strategies LLC priced more than $1 billion in CLO transactions, according to deal details that emerged on Thursday.

Sound Point Capital sold an upsized $631.75 million of notes in the Sound Point CLO VI, Ltd./Sound Point CLO VI Inc. offering, a source said. The transaction was upsized from $524.88 million.

The Sound Point CLO priced $360 million of class A-1 senior secured floating-rate notes (Aaa//AAA) at Libor plus 136 basis points.

Morgan Stanley & Co. LLC arranged the deal.

Highbridge Principal Strategies brought the $513.5 million Highbridge Loan Management 4-2014 Ltd./Highbridge Loan Management 4-2014 LLC offering via BofA Merrill Lynch, according to a market source.

Highbridge priced $310 million of AAA-rated notes at Libor plus 144 bps.

Refinancing CLO activity also remains strong with Alcentra NY LLC the latest CLO manager to refinance a vintage deal, according to a market source.

Alcentra NY refinanced $345.33 million of notes in the 2012 Shackleton I-R CLO Ltd./Shackleton I-R CLO Corp. transaction.

The CLO refinanced $75 million of class A-1LR floating-rate notes at Libor plus 130 bps.

Jefferies LLC was the refinancing agent.

Six CLOs were refinanced for $2.2 billion in July, according to J.P. Morgan Securities LLC.

Looking ahead to new primary activity, Babson Capital Management LLC plans to bring a $412 million deal, according to a market source.

The Babson CLO 2014-II Ltd. transaction is expected to price via BofA Merrill Lynch.

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