Chicago, March 17 – Sound Point CLO C-MOA, LLC priced €409.5 million in the collateralized loan obligation being issued by Sound Point Euro CLO V Funding DAC, according to a release.
The portfolio, with a July 25, 2035 maturity date, consists of €2 million of class X senior secured floating-rate notes at Euribor plus 25 basis points, €198 million of class A senior secured floating-rate notes at Euribor plus 77 bps, €50 million in a class A senior secured floating-rate loan at Euribor plus 77 bps, €17.3 million of class B-1 senior secured floating-rate notes at Euribor plus 150 bps and €21.5 million of class B-2 1.85% senior secured fixed-rate notes.
There are also €10.6 million of class C-1 senior secured deferrable floating-rate notes at Euribor plus 225 bps, €15 million of class C-2 senior secured deferrable floating-rate notes at Euribor plus 280 bps, €28.6 million of class D senior secured deferrable floating-rate notes at Euribor plus 330 bps, €20.3 million of class E senior secured deferrable floating-rate notes at Euribor plus 584 bps and €10.8 million of class F senior secured deferrable floating-rate notes at Euribor plus 832 bps.
Additionally, the structure contains €35.4 million of subordinated notes.
Jefferies International Ltd. is the underwriter.
The portfolio will be managed by Sound Point CLO C-MOA. During the five-year reinvestment period, Sound Point will manage collateral that must primarily be senior secured obligations. The CLO will be 80% ramped as of the closing date, with further acquisitions slated to take place during the six-month ramp-up period. Most borrowers will be based in Western Europe.
Sound Point is an advisory firm based in New York.
| Issuer: | Sound Point Euro CLO V Funding DAC
|
| Issue: | Floating-rate notes, fixed-rate notes, floating-rate loan and subordinated notes
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| Structure: | Cash flow CLO
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| Amount: | €409.5 million
|
| Maturity: | July 25, 2035
|
| Agent: | Jefferies International Ltd.
|
| Manager: | Sound Point CLO C-MOA, LLC
|
| Announcement date: | March 15
|
| Settlement date: | May 5
|
|
|
| Class X notes
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| Amount: | €2 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 25 bps
|
| Rating: | Moody's: Aaa
|
| Fitch: AAA
|
|
|
| Class A notes
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| Amount: | €198 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 77 bps
|
| Rating: | Moody's: Aaa
|
| Fitch: AAA
|
|
|
| Class A loan
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| Amount: | €50 million
|
| Securities: | Senior secured floating-rate loan
|
| Coupon: | Euribor plus 77 bps
|
| Rating: | Moody's: Aaa
|
| Fitch: AAA
|
|
|
| Class B-1 notes
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| Amount: | €17.3 million
|
| Securities: | Senior secured floating-rate notes
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| Coupon: | Euribor plus 150 bps
|
| Rating: | Moody's: Aa2
|
| Fitch: AA
|
|
|
| Class B-2 notes
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| Amount: | €21.5 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 1.85%
|
| Rating: | Moody's: Aa2
|
| Fitch: AA
|
|
|
| Class C-1 notes
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| Amount: | €10.6 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 225 bps
|
| Rating: | Moody's: A2
|
| Fitch: A
|
|
|
| Class C-2 notes
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| Amount: | €15 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 280 bps
|
| Rating: | Moody's: A2
|
| Fitch: A
|
|
|
| Class D notes
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| Amount: | €28.6 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 330 bps
|
| Rating: | Moody's: Baa3
|
| Fitch: BBB-
|
|
|
| Class E notes
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| Amount: | €20.3 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 584 bps
|
| Rating: | Moody's: Ba3
|
| Fitch: BB-
|
|
|
| Class F notes
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| Amount: | €10.8 million
|
| Securities: | Senior secured deferrable floating-rate notes
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| Coupon: | Euribor plus 832 bps
|
| Rating: | Moody's: B3
|
| Fitch: B-
|
|
|
| Subordinated notes
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| Amount: | €35.4 million
|
| Securities: | Subordinated notes
|
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