By Cristal Cody
Tupelo, Miss., Aug. 8 – Sound Point Capital Management LP affiliate Sound Point CLO C-MOA, LLC priced €406.75 million of notes due in September 2032 in the new Sound Point Euro CLO II Funding DAC transaction, according to a market source.
The CLO sold €2 million of class X senior secured floating-rate notes at Euribor plus 50 basis points, €248 million of class A senior secured floating-rate notes at Euribor plus 111 bps, €24 million of class B-1 senior secured floating-rate notes at Euribor plus 185 bps and €15 million of 2.42% class B-2 senior secured fixed-rate notes.
Sound Point Euro CLO II priced €25 million of class C senior secured deferrable floating-rate notes at Euribor plus 270 bps, €27.5 million of class D senior secured deferrable floating-rate notes at Euribor plus 408 bps, €22.5 million of class E senior secured deferrable floating-rate notes at Euribor plus 641 bps, €9 million of class F senior secured deferrable floating-rate notes at Euribor plus 825 bps and €33.75 million of subordinated notes.
Credit Suisse Securities (Europe) Ltd. was the placement agent.
Sound Point CLO C-MOA will manage the CLO.
The deal is collateralized primarily by broadly syndicated senior secured corporate loans and bonds.
Sound Point Capital has priced two new euro-denominated CLOs year to date.
The asset management firm is based in New York.
| Issuer: | Sound Point Euro CLO II Funding DAC
|
| Amount: | €406.75 million
|
| Maturity: | September 2032
|
| Securities: | Fixed-rate, floating-rate, fixed-to-floating rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Credit Suisse Securities (Europe) Ltd.
|
| Manager: | Sound Point CLO C-MOA, LLC
|
| Pricing date: | July 18
|
| Settlement date: | Aug. 30
|
|
|
| Class X notes
|
| Amount: | €2 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 50 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A notes
|
| Amount: | €248 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 111 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | €24 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 185 bps
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class B-2 notes
|
| Amount: | €15 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.42%
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class C notes
|
| Amount: | €25 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 270 bps
|
| Ratings: | Moody’s: A2
|
| Fitch: A
|
|
|
| Class D notes
|
| Amount: | €27.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 408 bps
|
| Ratings: | Moody’s: Baa3
|
| Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | €22.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 641 bps
|
| Ratings: | Moody’s: Ba3
|
| Fitch: BB-
|
|
|
| Class F notes
|
| Amount: | €9 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 825 bps
|
| Ratings: | Moody’s: B3
|
| Fitch: B-
|
|
|
| Equity
|
| Amount: | €33.75 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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