By Rebecca Melvin
New York, June 29 – Sound Point Capital Management LP brought a $515.5 million collateralized loan obligation deal, according to a market source.
Sound Point CLO IX, Ltd./Sound Point CLO IX Inc. priced $325 million of class A floating-rate notes at Libor plus 152 bps; $32.5 million of class B-1 floating-rate notes at Libor plus 200 bps; $25 million of class B-2 fixed-rate notes at 4.02%; $27.5 million of class C floating-rate notes at Libor plus 300 bps; $27.5 million of class D floating-rate notes at Libor plus 355 bps; $22.5 million of class E floating-rate notes at Libor plus 550 bps; $10 million of class F deferrable floating-rate notes at Libor plus 650 bps and $45.5 million of subordinated notes.
BofA Merrill Lynch was the placement agent.
Sound Point Capital Management will manage the CLO.
New York City-based asset management firm Sound Point Capital priced one CLO earlier this year and three CLO deals in 2014.
| Issuer: | Sound Point CLO IX, Ltd./Sound Point CLO IX Inc.
|
| Amount: | $515.5 million
|
| Securities: | Fixed- and floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Maturity: | July 2027
|
| Placement agent: | BofA Merrill Lynch
|
| Manager: | Sound Point Capital Management LP
|
| Pricing date: | June
|
| Anticipated closing: | July
|
|
|
| Class A notes
|
| Amount: | $325 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 152 bps
|
| Expected rating: | Moody’s: Aaa
|
|
|
| Class B-1 notes
|
| Amount: | $32.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Expected rating: | Moody’s: Aa2
|
|
|
| Class B-2 notes
|
| Amount: | $25 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 4.02%
|
| Expected rating: | Moody’s: Aa2
|
|
|
| Class C notes
|
| Amount: | $27.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 300 bps
|
| Expected rating: | Moody’s: A2
|
|
|
| Class D notes
|
| Amount: | $27.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 355 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E notes
|
| Amount: | $22.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 550 bps
|
| Expected rating: | Moody’s: Ba3
|
|
|
| Class F notes
|
| Amount: | $10 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 650 bps
|
| Expected rating: | Moody’s: B3
|
|
|
| Equity
|
| Amount: | $45.5 million
|
| Securities: | Subordinated notes
|
| Rating: | Non-rated
|
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