By Cristal Cody
Tupelo, Miss., Dec. 1 – Sound Point Capital Management LP affiliate Sound Point CLO C-MOA, LLC priced €338.08 million of notes due Jan. 15, 2035 in a broadly syndicated collateralized loan obligation offering that closed on Tuesday, according to market sources.
Sound Point Euro CLO IV Funding DAC sold €1,625,000 of class X floating-rate notes at Euribor plus 50 basis points, €201.5 million of class A floating-rate notes at Euribor plus 110 bps, €18.75 million of class B-1 floating-rate notes at Euribor plus 180 bps and €10.5 million of 2.05% class B-2 fixed-rate notes.
Sound Point Euro CLO IV also priced €26 million of class C floating-rate notes at Euribor plus 290 bps, €19,925,000 of class D floating-rate notes at Euribor plus 450 bps, €15.85 million of class E floating-rate notes at Euribor plus 680 bps and €8.95 million of class F floating-rate notes at Euribor plus 851 bps.
The transaction included €8.48 million of class Z notes and €26.5 million of subordinated notes.
Citigroup Global Markets Ltd. was the placement agent.
Sound Point CLO C-MOA will manage the CLO.
The notes are collateralized primarily by broadly syndicated senior secured corporate loans and bonds.
The deal is the manager’s second new offering year to date.
Sound Point Capital priced two new euro-denominated CLOs in 2019.
The asset management firm is based in New York.
| Issuer: | Sound Point Euro CLO IV Funding DAC
|
| Amount: | €338.08 million
|
| Maturity: | Jan. 15, 2035
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Ltd.
|
| Manager: | Sound Point CLO C-MOA, LLC
|
| Settlement date: | Dec. 1
|
|
|
| Class X notes
|
| Amount: | €1,625,000
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 50 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class A notes
|
| Amount: | €201.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 110 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class B-1 notes
|
| Amount: | €18.75 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 180 bps
|
| Ratings: | Moody’s: Aa2
|
| S&P: AA
|
|
|
| Class B-2 notes
|
| Amount: | €10.5 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.05%
|
| Ratings: | Moody’s: Aa2
|
| S&P: AA
|
|
|
| Class C notes
|
| Amount: | €26 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 290 bps
|
| Ratings: | Moody’s: A2
|
| S&P: A
|
|
|
| Class D notes
|
| Amount: | €19,925,000
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 450 bps
|
| Ratings: | Moody’s: Baa3
|
| S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | €15.85 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 680 bps
|
| Ratings: | Moody’s: Ba3
|
| S&P: BB-
|
|
|
| Class F notes
|
| Amount: | €8.95 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 851 bps
|
| Ratings: | Moody’s: B3
|
| S&P: B-
|
|
|
| Class Z notes
|
| Amount: | €8.48 million
|
| Securities: | Notes
|
| Ratings: | Non-rated
|
|
|
| Equity
|
| Amount: | €26.5 million
|
| Securities: | Subordinated notes
|
| Ratings: | 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.
