Chicago, Aug. 27 – Sound Point Capital Management, LP sold $505.6 million of notes due Oct. 25 2032 in the new Sound Point CLO XXIV, Ltd./Sound Point CLO XXIV, LLC transaction, according to a market source.
The CLO priced $305 million of class A-1 senior secured floating-rate notes at Libor plus 137 basis points; $15 million of class A-2 senior secured floating-rate notes at Libor plus 180 bps; $60 million of class B floating-rate notes at Libor plus 210 bps; $27.5 million of class C mezzanine secured deferrable floating-rate notes at Libor plus 325 bps; $24.5 million of class D mezzanine secured deferrable floating-rate notes at Libor plus 435 bps, $24 million of class E junior secured floating-rate notes at Libor plus 725 bps and $49.6 million of subordinated notes.
Credit Suisse Securities (USA) LLC was the underwriter.
Sound Point Capital will manage the CLO.
The CLO has a two-year non-call period. The reinvestment period ends in October 2024.
The deal is collateralized primarily by broadly syndicated first-lien senior secured corporate loans.
Sound Point currently manages 23 CLOs, as of July 31, 2019.
The asset management firm is based in New York.
Issuer: | Sound Point CLO XXIV Ltd./Sound Point CLO XXIV LLC
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Amount: | $505.6 million
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Maturity: | Oct. 25, 2032
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Securities: | Floating-rate and subordinated notes
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Structure: | Cash flow CLO
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Underwriter: | Credit Suisse Securities (USA) LLC
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Manager: | Sound Point Capital Management, LP
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Pricing date: | Aug. 27
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Settlement date: | September
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|
Class A-1 notes
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Amount: | $305 million
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Securities: | Senior secured floating-rate notes
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Coupon: | Libor plus 137 bps
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Ratings: | Moody’s: Aaa
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| Fitch: AAA
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Class A-2 notes
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Amount: | $15 million
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Securities: | Senior secured floating-rate notes
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Coupon: | Libor plus 180 bps
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Ratings: | Moody’s: Not rated
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| Fitch: AAA
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Class B notes
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Amount: | $60 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 210 bps
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Rating: | Moody’s: Aa2
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Class C notes
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Amount: | $27.5 million
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Securities: | Mezzanine secured deferrable floating-rate notes
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Coupon: | Libor plus 325 bps
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Rating: | Moody’s: A2
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Class D notes
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Amount: | $24.5 million
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Securities: | Mezzanine secured deferrable floating-rate notes
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Coupon: | Libor plus 435 bps
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Rating: | Moody’s: Baa3
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Class E notes
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Amount: | $24 million
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Securities: | Junior secured deferrable floating-rate notes
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Coupon: | Libor plus 725 bps
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Rating: | Moody’s: Ba3
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Subordinated notes
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Amount: | $49.6 million
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Securities: | Subordinated notes
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Ratings: | Not rated
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