Chicago, April 5 – Sound Point Capital Management LP repriced one class of notes from the Sound Point CLO XVII, Ltd./Sound Point CLO XVII, Inc. transaction, according to a notice.
The issuer is selling $520 million of class A-1-R senior secured floating-rate notes at Libor plus 98 basis points.
Proceeds from the new notes were used to redeem the original class A-1A notes and the class A-1B notes.
The notes are still due Oct. 21, 2030.
Originally, the CLO sold $260 million of class A-1A floating-rate notes at Libor plus 122 bps; $260 million of class A-1B floating-rate notes at Libor plus 122 bps; $91 million of class A-2 floating-rate notes at Libor plus 160 bps; $40 million of class B floating-rate notes at Libor plus 195 bps; $53 million of class C floating-rate notes at Libor plus 300 bps; $32 million of class D floating-rate notes at Libor plus 650 bps and $75.9 million of subordinated notes.
Sound Point Capital will continue to manage the collateral which comes mostly from broadly syndicated senior secured corporate loans.
Citigroup Global Markets Inc. was listed as the first refinancing placement agent in the supplemental indenture.
Notably, Moody’s Investor Service also upgraded the class A-2 senior secured floating-rate notes which were not refinanced to Aa1 from Aa2.
The manager is a New York-based asset management firm.
| Issuer: | Sound Point CLO XVII, Ltd./Sound Point CLO XVII, Inc.
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| Amount: | $520 million
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| Maturity: | Oct. 20, 2030
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| Securities: | Floating-rate notes
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| Structure: | Cash flow CLO
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| Refinancing agent: | Citigroup Global Markets Inc.
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| Manager: | Sound Point Capital Management LP
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| Settlement date: | April 1
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| Class A-1-R notes
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| Amount: | $520 million
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| Securities: | Floating-rate notes
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| Coupon: | Libor plus 98 bps
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| Rating: | Moody’s: Aaa
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