Chicago, June 22 – Sound Point Capital Management LP refinanced six classes of notes from the CLO issued by Sound Point CLO XXIII, Ltd., according to a notice.
The CLO is now due July 17, 2034.
The refinancing includes the $3.2 million of class X-R senior secured floating-rate notes at Libor plus 70 basis points, $384 million of class A-R senior secured floating-rate notes at Libor plus 117 bps, $72 million of class B-R senior secured floating-rate notes at Libor plus 175 bps, $28 million of class C-R mezzanine secured floating-rate notes at Libor plus 225 bps, $37 million of class D-R mezzanine secured floating-rate notes at Libor plus 330 bps and $30 million of class E-R junior secured floating-rate notes at Libor plus 647 bps.
Credit Suisse Securities (USA) LLC is the underwriter.
Sound Point will mange the collateral, primarily senior secured loans and eligible investments. The reinvestment period has been extended five years.
The non-call period has also been extended.
Originally, the offering included class A-1 floating-rate notes at Libor plus 140 bps, $33.5 million of class A-2A floating-rate notes at Libor plus 175 bps, $5.5 million of 4.09% class A-2B fixed-rate notes and $66 million of class B floating-rate notes at Libor plus 203 bps.
Sound Point CLO also initially priced $30 million of class C floating-rate notes at Libor plus 295 bps; $36 million of class D floating-rate notes at Libor plus 386 bps; $27 million of class E floating-rate notes at Libor plus 671 bps and $59.15 million of subordinated notes.
Sound Point Capital is an asset management firm based in New York.
| Issuer: | Sound Point Capital Management LP
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| Issue: | Floating-rate notes
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| Amount: | $554.2 million
|
| Maturity: | July 17, 2034
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| Structure: | Cash flow CLO
|
| Placement agent: | Credit Suisse Securities (USA) LLC
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| Manager: | Sound Point Capital Management LP
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| Announcement date: | June 4
|
|
|
| Class X-R notes
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| Amount: | $3.2 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 70 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-R notes
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| Amount: | $384 million
|
| Securities: | Senior secured floating-rate notes
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| Coupon: | Libor plus 117 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class B-R notes
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| Amount: | $72 million
|
| Securities: | Senior secured floating-rate notes
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| Coupon: | Libor plus 175 bps
|
| Rating: | Moody's: Aa2
|
|
|
| Class C-R notes
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| Amount: | $28 million
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| Securities: | Mezzanine secured floating-rate notes
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| Coupon: | Libor plus 225 bps
|
| Rating: | Moody's: A2
|
|
|
| Class D-R notes
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| Amount: | $37 million
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| Securities: | Mezzanine secured floating-rate notes
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| Coupon: | Libor plus 330 bps
|
| Rating: | Moody's: Baa3
|
|
|
| Class E-R notes
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| Amount: | $30 million
|
| Securities: | Junior secured floating-rate notes
|
| Coupon: | Libor plus 647 bps
|
| Rating: | Moody's: Ba3
|
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