By Cristal Cody
Tupelo, Miss., June 29 – Sound Point Capital Management LP sold $810.25 million of notes due July 2031 in the new Sound Point CLO XX, Ltd. transaction, according to a market source.
The CLO priced $520 million of class A senior secured floating-rate notes at Libor plus 110 basis points; $88 million of class B senior secured floating-rate notes at Libor plus 170 bps; $44 million of class C mezzanine secured deferrable floating-rate notes at Libor plus 195 bps; $44 million of class D mezzanine secured deferrable floating-rate notes at Libor plus 300 bps; $40 million of class E junior secured deferrable floating-rate notes at Libor plus 600 bps and $74.25 million of subordinated notes.
Credit Suisse Securities (USA) LLC was the placement agent.
Sound Point Capital will manage the CLO.
The deal is collateralized primarily by broadly syndicated first-lien senior secured corporate loans.
Sound Point Capital has priced two new CLOs year to date.
The CLO manager placed four new CLOs and refinanced eight vintage CLOs in 2017.
The asset management firm is based in New York.
| Issuer: | Sound Point CLO XX, Ltd.
|
| Amount: | $810.25 million
|
| Maturity: | July 2031
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Credit Suisse Securities (USA) LLC
|
| Manager: | Sound Point Capital Management LP
|
| Pricing date: | June 15
|
| Settlement date: | June 28
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class A notes
|
| Amount: | $520 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 110 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $88 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C notes
|
| Amount: | $44 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 195 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class D notes
|
| Amount: | $44 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 300 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E notes
|
| Amount: | $40 million
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 600 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Equity
|
| Amount: | $74.25 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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