Sound Point CLO XII subordinated noteholders discuss possible call

By Angela McDaniels

Tacoma, Wash., Feb. 7 – Sound Point CLO XII, Ltd. and Sound Point CLO XII LLC gave notice of a possible redemption.

The holders or beneficial owners of the CLO’s subordinated notes and the collateral manager are discussing the potential redemption of one or more classes of secured notes from refinancing proceeds on or after March 1, according to a notice from the issuers.

Noteholders who want to discuss the redemption can contact the collateral manager at cloteam@soundpointcap.com.

As previously reported, the issuers priced $722.5 million of notes due Oct. 20, 2028 in the transaction, which settled Aug. 16, 2016.

Sound Point Capital Management LP, a New York-based asset management firm, is the manager.

The issuers priced $5.25 million of class X floating-rate notes at Libor plus 125 basis points, $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.

The CLO is backed primarily by first-lien senior secured loans.

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