By Cristal Cody
Tupelo, Miss., March 17 – Sound Point Capital Management LP brought a $625 million collateralized loan obligation deal, according to a market source.
Sound Point CLO VIII, Ltd./Sound Point CLO VIII Inc. priced $4 million of class X floating-rate notes at Libor plus 100 basis points; $340 million of class A floating-rate notes at Libor plus 153 bps; $50 million of class A floating-rate loans at Libor plus 138 bps; $69 million of class B floating-rate notes at Libor plus 205 bps; $33 million of class C floating-rate notes at Libor plus 300 bps; $33 million of class D floating-rate notes at Libor plus 365 bps; $27 million of class E floating-rate notes at Libor plus 530 bps; $15.6 million of class F deferrable floating-rate notes at Libor plus 685 bps and $53.4 million of subordinated notes.
Morgan Stanley & Co. LLC was the placement agent.
Sound Point Capital Management will manage the CLO.
New York City-based asset management firm Sound Point Capital priced three CLO deals in 2014.
Issuer: | Sound Point CLO VIII, Ltd./Sound Point CLO VIII Inc.
|
Amount: | $625 million
|
Securities: | Floating-rate and subordinated notes
|
Structure: | Cash flow CLO
|
Placement agent: | Morgan Stanley & Co. LLC
|
Manager: | Sound Point Capital Management LP
|
Pricing date: | March 5
|
|
Class X notes
|
Amount: | $4 million
|
Securities: | Floating-rate notes
|
Coupon: | Libor plus 100 bps
|
Expected rating: | Moody’s: Aaa
|
| Fitch: AAA
|
|
Class A notes
|
Amount: | $340 million
|
Securities: | Floating-rate notes
|
Coupon: | Libor plus 153 bps
|
Expected ratings: Moody’s: Aaa
|
| Fitch: AAA
|
|
Class A loans
|
Amount: | $50 million
|
Securities: | Floating-rate loans
|
Coupon: | Libor plus 138 bps
|
Expected ratings: Moody’s: Aaa
|
| Fitch: AAA
|
|
Class B notes
|
Amount: | $69 million
|
Securities: | Floating-rate notes
|
Coupon: | Libor plus 205 bps
|
Expected rating: | Moody’s: Aa2
|
|
Class C notes
|
Amount: | $33 million
|
Securities: | Floating-rate notes
|
Coupon: | Libor plus 300 bps
|
Expected rating: | Moody’s: A2
|
|
Class D notes
|
Amount: | $33 million
|
Securities: | Floating-rate notes
|
Coupon: | Libor plus 365 bps
|
Ratings: | Moody’s: Baa3
|
|
Class E notes
|
Amount: | $27 million
|
Securities: | Floating-rate notes
|
Coupon: | Libor plus 530 bps
|
Expected rating: | Moody’s: Ba3
|
|
Class F notes
|
Amount: | $15.6 million
|
Securities: | Floating-rate notes
|
Coupon: | Libor plus 685 bps
|
Expected rating: | Moody’s: B3
|
|
Equity
|
Amount: | $53.4 million
|
Securities: | Subordinated notes
|
Rating: | Non-rated
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.