Chicago, Dec. 1 – Sound Point Capital Management LP refinanced and extended for $507.2 million the collateralized loan obligation issued by Sound Point CLO XXVII Ltd./Sound Point CLO XXVII LLC, according to a pre-sale report.
The notes will mature on Oct. 25, 2034.
The refinanced CLO consists of $1.5 million of class X-R senior secured floating-rate notes at Libor plus 65 basis points, $315 million of class A-R senior secured floating-rate notes at Libor plus 118 bps, $57 million of class B-1-R senior secured floating-rate notes at Libor plus 165 bps, $8 million of class B-2-R 2.51% senior secured fixed-rate notes, $23 million of class C-1-R senior secured deferrable floating-rate notes at Libor plus 210 bps, $7 million of class C-2-R 2.96% senior secured deferrable fixed-rate notes, $27.5 million of class D-R senior secured deferrable floating-rate notes at Libor plus 335 bps, $22.5 million of class E-R senior secured deferrable floating-rate notes at Libor plus 656 bps and $45.7 million of subordinated notes.
Originally, the CLO priced $5 million of class X floating-rate notes at Libor plus 75 bps, $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.
Sound Point Capital Management LP will manage the collateral through the end of the reinvestment period on Oct. 25, 2026.
The notes are backed by a portfolio of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting Oct. 25, 2023.
Citigroup Global Markets Inc. was the placement agent.
The asset management firm is based in New York.
| Issuer: | Sound Point CLO XXVII Ltd./Sound Point CLO XXVII LLC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $507.2 million
|
| Maturity: | Oct. 25, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | Sound Point Capital Management LP
|
| Call feature: | Oct. 25, 2023
|
| Settlement date: | Oct. 25
|
|
|
| Class X-R notes
|
| Amount: | $1.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 65 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-R notes
|
| Amount: | $315 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 118 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-1-R notes
|
| Amount: | $57 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-2-R notes
|
| Amount: | $8 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.51%
|
| Rating: | S&P: AA
|
|
|
| Class C-1-R notes
|
| Amount: | $23 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 210 bps
|
| Rating: | S&P: A
|
|
|
| Class C-2-R notes
|
| Amount: | $7 million
|
| Securities: | Senior secured deferrable fixed-rate notes
|
| Coupon: | 2.96%
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $27.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 335 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R notes
|
| Amount: | $22.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 656 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $45.7 million
|
| Securities: | Subordinated notes
|
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