By Cristal Cody
Tupelo, Miss., March 15 – Sound Point Capital Management LP sold $644 million of notes due Oct. 20, 2028 in a refinancing of the vintage 2016 Sound Point CLO XII, Ltd. transaction, according to a market source.
The CLO priced $451.5 million of class A-R senior secured floating-rate notes at Libor plus 129 basis points; $80.5 million of class B-R senior secured floating-rate notes at Libor plus 180 bps; $42 million of class C-R mezzanine secured deferrable floating-rate notes at Libor plus 260 bps; $35 million of class D-R mezzanine secured deferrable floating-rate notes at Libor plus 385 bps and $35 million of class E-R junior secured deferrable floating-rate notes at Libor plus 690 bps.
Credit Suisse Securities (USA) LLC was the refinancing placement agent.
In the original $722.5 million offering issued Aug. 16, 2016, the CLO sold $5.25 million of class X floating-rate notes at Libor plus 125 bps; $451.5 million of class A floating-rate notes at Libor plus 166 bps; $55.5 million of class B-1 floating-rate notes at Libor plus 225 bps; $25 million of 3.48% class B-2 fixed-rate notes; $42 million of class C floating-rate notes at Libor plus 290 bps; $35 million of class D floating-rate notes at Libor plus 425 bps; $35 million of class E floating-rate notes at Libor plus 640 bps and $73.25 million of subordinated notes.
Proceeds were used to redeem the original notes. The subordinated notes will remain outstanding.
The refinanced notes were admitted for listing to trade on the Euronext Dublin.
The CLO is collateralized mostly by broadly syndicated first lien senior secured corporate loans.
Sound Point Capital is an asset management firm based in New York.
| Issuer: | Sound Point CLO XII, Ltd.
|
| Amount: | $644 million
|
| Maturity: | Oct. 20, 2028
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Credit Suisse Securities (USA) LLC
|
| Manager: | Sound Point Capital Management LP
|
| Settlement date: | March 1
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class A-R notes
|
| Amount: | $451.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 129 bps
|
| Ratings: | Fitch: AAA
|
|
|
| Class B-R notes
|
| Amount: | $80.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 180 bps
|
| Ratings: | Non-rated
|
|
|
| Class C-R notes
|
| Amount: | $42 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 260 bps
|
| Ratings: | Non-rated
|
|
|
| Class D-R notes
|
| Amount: | $35 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 385 bps
|
| Ratings: | Non-rated
|
|
|
| Class E-R notes
|
| Amount: | $35 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 690 bps
|
| Ratings: | Non-rated
|
|
|
| Equity
|
| Amount: | $73.25 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
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