By Cristal Cody
Tupelo, Miss., March 8 - Sound Point CLO II Ltd./Sound Point CLO II LLC sold $400 million in a collateralized loan obligation offering of senior notes due April 26, 2025, according to a market source.
Sound Point priced $230.5 million of class A-1L floating-rate notes (Aaa/AAA/) at Libor plus 120 basis points; $10 million of class A-1F 2.2464% fixed-rate notes (/AAA/); $27.5 million of class A-2L floating-rate notes (/AA/) at Libor plus 190 bps; $10 million of class A-2F 3.3877% fixed-rate notes (/AA/); $31.5 million of class A-3L deferrable floating-rate notes (/A/) at Libor plus 275 bps; $19.5 million of class B-1L deferrable floating-rate notes (/BBB/) at Libor plus 375 bps; $19 million of class B-2L deferrable floating-rate notes (/BB-/) at Libor plus 450 bps; $9.5 million of class B-3L deferrable floating-rate notes (/B/) at Libor plus 550 bps; and a $42.5 million tranche of non-rated subordinated notes.
RBS Securities Inc. was the placement agent.
The CLO manager is Sound Point Capital Management LP.
The issue is collateralized by a revolving pool of broadly syndicated first-lien senior secured corporate loans.
The notes are redeemable after a two-year non-call period.
Sound Point is a managed cash-flow CLO.
| Issuer: | Sound Point CLO II Ltd./Sound Point CLO II LLC
|
| Amount: | $400 million
|
| Maturity: | April 26, 2025
|
| Securities: | Senior notes
|
| Structure: | Cash-flow CLO
|
| Placement agent: RBS Securities Inc.
|
| Manager: | Sound Point Capital Management LP
|
| Call feature: | April 26, 2015
|
| Settlement date: March 28
|
|
|
| Class A-1L floating-rate notes
|
| Amount: | $230.5 million
|
| Securities: | Class A-1L floating-rate notes
|
| Coupon: | Libor plus 120 bps
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
|
|
| Class A-1F fixed-rate notes
|
| Amount: | $10 million
|
| Securities: | Class A-1F fixed-rate notes
|
| Coupon: | 2.2464%
|
| Ratings: | Standard & Poor's: AAA
|
|
|
| Class A-2L floating-rate notes
|
| Amount: | $27.5 million
|
| Securities: | Class A-2L floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Ratings: | Standard & Poor's: AA
|
|
|
| Class A-2F fixed-rate notes
|
| Amount: | $10 million
|
| Securities: | Class A-2F fixed-rate notes
|
| Coupon: | 3.3877%
|
| Ratings: | Standard & Poor's: AA
|
|
|
| Class A-3L deferrable floating-rate notes
|
| Amount: | $31.5 million
|
| Securities: | Class A-3L deferrable floating-rate notes
|
| Coupon: | Libor plus 275 bps
|
| Ratings: | Standard & Poor's: A
|
|
|
| Class B-1L deferrable floating-rate notes
|
| Amount: | $19.5 million
|
| Securities: | Class B-1L deferrable floating-rate notes
|
| Coupon: | Libor plus 375 bps
|
| Ratings: | Standard & Poor's: BBB
|
|
|
| Class B-2L deferrable floating-rate notes
|
| Amount: | $19 million
|
| Securities: | Class B-2L deferrable floating-rate notes
|
| Coupon: | Libor plus 450 bps
|
| Ratings: | Standard & Poor's: BB-
|
|
|
| Class B-3L deferrable floating-rate notes
|
| Amount: | $9.5 million
|
| Securities: | Class B-3L deferrable floating-rate notes
|
| Coupon: | Libor plus 550 bps
|
| Ratings: | Standard & Poor's: B
|
|
|
| Subordinated notes
|
| Amount: | $42.5 million
|
| Securities: | Subordinated notes
|
| Ratings: Non-rated
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