By Cristal Cody
Tupelo, Miss., April 11 – Sound Point Capital Management LP priced $492 million of notes due April 26, 2025 in a refinancing of the vintage 2014 Sound Point CLO II, Ltd. transaction, according to a market source.
The CLO sold $360 million of class A-1-R floating-rate notes at Libor plus 114 basis points, $30 million of class A-2-R floating-rate notes at Libor plus 114 bps, $69 million of class B-R floating-rate notes at Libor plus 155 bps and $33 million of class C-R floating-rate notes at Libor plus 227 bps.
Credit Suisse Securities (USA) LLC arranged the deal.
Sound Point Capital will remain the CLO manager.
In the original transaction that closed on March 28, 2013, the CLO priced $230.5 million of class A-1L floating-rate notes at Libor plus 120 bps; $10 million of class A-1F 2.2464% fixed-rate notes; $27.5 million of class A-2L floating-rate notes at Libor plus 190 bps; $10 million of class A-2F 3.3877% fixed-rate notes; $31.5 million of class A-3L deferrable floating-rate notes at Libor plus 275 bps; $19.5 million of class B-1L deferrable floating-rate notes at Libor plus 375 bps; $19 million of class B-2L deferrable floating-rate notes at Libor plus 450 bps; $9.5 million of class B-3L deferrable floating-rate notes at Libor plus 550 bps; and a $42.5 million tranche of non-rated subordinated notes.
Sound Point Capital, a New York-based asset management firm, priced three new CLO deals in 2016.
| Issuer: | Sound Point CLO II, Ltd.
|
| Amount: | $492 million refinancing
|
| Maturity: | April 26, 2025
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Credit Suisse Securities (USA) LLC
|
| Manager: | Sound Point Capital Management LP
|
| Pricing date: | April 6
|
|
|
| Class A-1-R notes
|
| Amount: | $360 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 114 bps
|
| Ratings: | Moody’s: Aaa expected
|
| S&P: AAA expected
|
|
|
| Class A-2-R notes
|
| Amount: | $30 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 114 bps
|
| Ratings: | Moody’s: Aaa expected
|
| S&P: AAA expected
|
|
|
| Class B-R notes
|
| Amount: | $69 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 155 bps
|
| Ratings: | Moody’s: Aa2 expected
|
|
|
| Class C-R notes
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| Amount: | $33 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 227 bps
|
| Ratings: | Moody’s: A2 expected
|
|
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