Chicago, June 15 – Sound Point Capital Management LP affiliate Sound Point CLO C-MOA, LLC refinanced €467.25 million of notes and loans from the Sound Point Euro CLO I Funding DAC transaction, according to a notice.
The maturity date is now May 25, 2034.
The refinancing includes €1 million of class X-R senior secured floating-rate notes at Euribor plus 20 basis points, €150.4 million of class A-R senior secured floating-rate notes at Euribor plus 82 bps, €159.6 million of class A-R senior secured floating-rate loans at Euribor plus 82 bps, €34.75 million of class B-1-R senior secured floating-rate notes at Euribor plus 160 bps and €12.75 million of class B-2-R 1.95% senior secured fixed-rate notes.
There are also €33.85 million of class C-R senior secured deferrable floating-rate notes at Euribor plus 205 bps, €33.65 million of class D-R senior secured deferrable floating-rate notes at Euribor plus 305 bps, €26.25 million of class E-R senior secured deferrable floating-rate notes at Euribor plus 562 bps and €15 million of class F-R senior secured deferrable floating-rate notes at Euribor plus 828 bps.
The original €45 million of subordinated notes will remain outstanding and were not part of the refinancing.
Initially, the CLO sold €2.5 million of class X floating-rate notes at Euribor plus 58 bps, €310 million of class A floating-rate notes at Euribor plus 116 bps, €15 million of class B-1 floating-rate notes at Euribor plus 200 bps, €20 million of 2.7% class B-2 fixed-rate notes and €13,375,000 of class B-3 floating-rate notes at Euribor plus 232 bps. The class B-3 notes will reset to Euribor plus 200 bps after the non-call period.
Sound Point also priced €11 million of class C-1 floating-rate notes at Euribor plus 285 bps, €11 million of 3.15% class C-2 fixed-rate notes and €9.25 million of 3% class C-3 fixed-rate notes that will reset to a floating rate of Euribor plus 285 bps after the non-call period.
In addition, the CLO initially sold €32.2 million of class D floating-rate notes at Euribor plus 425 bps, €27,125,000 of class E floating-rate notes at Libor plus 622 bps and €10,625,000 of class F floating-rate notes at Euribor plus 801 bps.
The non-call date and the reinvestment period have both been extended in the refinancing.
Sound Point CLO will mange the collateral pool consisting of at least 90% senior secured loans or senior secured bonds.
Sound Point Capital is an asset management firm based in New York.
| Issuer: | Sound Point Euro CLO I Funding DAC
|
| Issue: | Floating-rate notes, floating-rate loans and fixed-rate notes
|
| Amount: | €467.25 million
|
| Maturity: | May 25, 2034
|
| Structure: | Cash flow CLO
|
| Manager: | Sound Point CLO C-MOA, LLC
|
| Pricing date: | May 21
|
|
|
| Class X-R notes
|
| Amount: | €1 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 20 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-R notes
|
| Amount: | €150.4 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 82 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-R loans
|
| Amount: | €159.6 million
|
| Securities: | Senior secured floating-rate loans
|
| Coupon: | Euribor plus 82 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class B-1-R notes
|
| Amount: | €34.75 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 160 bps
|
| Rating: | Moody's: Aa2
|
|
|
| Class B-2-R notes
|
| Amount: | €12.75 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 1.95%
|
| Rating: | Moody's: Aa2
|
|
|
| Class C-R notes
|
| Amount: | €33.85 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 205 bps
|
| Rating: | Moody's: A2
|
|
|
| Class D-R notes
|
| Amount: | €33.65 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 305 bps
|
| Rating: | Moody's: Baa3
|
|
|
| Class E-R notes
|
| Amount: | €26.25 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 562 bps
|
| Rating: | Moody's: Ba2
|
|
|
| Class F-R notes
|
| Amount: | €15 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 828 bps
|
| Rating: | Moody's: B1
|
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