By Cristal Cody
Tupelo, Miss., Sept. 24 – Sound Point Capital Management LP priced $503.2 million of notes due Oct. 25, 2031 in a new broadly syndicated collateralized loan obligation offering, according to market sources.
Sound Point CLO XXVII, Ltd./Sound Point CLO XXVII Inc. priced $5 million of class X floating-rate notes at Libor plus 75 basis points, $300 million of class A-1A floating-rate notes at Libor plus 147 bps, $15 million of class A-2 floating-rate notes at Libor plus 170 bps, $50 million of class B-1 floating-rate notes at Libor plus 190 bps and $15 million of 2.33% class B-2 fixed-rate notes.
The CLO sold $30 million of class C deferrable floating-rate notes at Libor plus 260 bps, $25 million of class D deferrable floating-rate notes at Libor plus 400 bps, $17.5 million of class E deferrable floating-rate notes at Libor plus 724 bps and $45.7 million of subordinated notes.
Citigroup Global Markets Inc. was the placement agent.
Sound Point Capital Management will manage the CLO.
The CLO has a one-year non-call period and a three-year reinvestment period.
Sound Point Capital has priced two new dollar-denominated CLOs and one euro-denominated CLO, as well as one partial CLO refinancing, year to date.
The asset management firm is based in New York.
Issuer: | Sound Point CLO XXVII, Ltd./Sound Point CLO XXVII Inc.
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Amount: | $503.2 million
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Maturity: | Oct. 25, 2031
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Securities: | Fixed-rate, floating-rate and subordinated notes
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Structure: | Cash flow CLO
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Placement agent: | Citigroup Global Markets Inc.
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Manager: | Sound Point Capital Management LP
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Call feature: | One year
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Pricing date: | Sept. 16
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Settlement date: | Sept. 25
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Class X notes
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Amount: | $5 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 75 bps
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Ratings: | S&P: AAA
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Class A-1 notes
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Amount: | $300 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 147 bps
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Ratings: | S&P: AAA
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Class A-2 notes
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Amount: | $15 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 170 bps
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Ratings: | S&P: Non-rated
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Class B-1 notes
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Amount: | $50 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 190 bps
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Ratings: | S&P: AA
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Class B-2 notes
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Amount: | $15 million
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Securities: | Fixed-rate notes
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Coupon: | 2.33%
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Ratings: | S&P: AA
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Class C notes
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Amount: | $30 million
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Securities: | Deferrable floating-rate notes
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Coupon: | Libor plus 260 bps
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Ratings: | S&P: A
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Class D notes
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Amount: | $25 million
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Securities: | Deferrable floating-rate notes
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Coupon: | Libor plus 400 bps
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Ratings: | S&P: BBB-
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Class E notes
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Amount: | $17.5 million
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Securities: | Deferrable floating-rate notes
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Coupon: | Libor plus 724 bps
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Ratings: | S&P: BB-
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Equity
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Amount: | $45.7 million
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Securities: | Subordinated notes
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Ratings: | Non-rated
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