Chicago, March 22 – Sound Point Capital Management LP refinanced three classes of notes for $663 million from the Sound Point CLO XVI, Ltd./Sound Point CLO XVI, LLC transaction due July 25, 2030, according to a supplemental indenture.
The refinancing notes includes $520 million of class A-R senior secured floating-rate notes at Libor plus 98 basis points, $88 million of class B-R senior secured floating-rate notes at Libor plus 152 bps and $48 million of class C-R mezzanine secured deferrable floating-rate notes at Libor plus 220 bps.
The refinancing indenture contains benchmark replacement language based on a transition to SOFR.
Sound Point Capital will continue to manage the collateral.
J.P. Morgan Securities, LLC is the refinancing placement agent.
Sound Point is a New York-based asset management firm.
| Issuers: | Sound Point CLO XVI, Ltd./Sound Point CLO XVI, LLC
|
| Issue: | Floating-rate notes
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| Structure: | Cash flow CLO
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| Amount: | $663 million
|
| Maturity: | July 25, 2030
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| Agent: | J.P. Morgan Securities LLC
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| Manager: | Sound Point Capital Management LP
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| Settlement date: | March 18
|
|
|
| Class A-R notes
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| Amount: | $520 million
|
| Securities: | Senior secured floating-rate notes
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| Coupon: | Libor plus 98 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class B-R notes
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| Amount: | $88 million
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| Securities: | Senior secured floating-rate notes
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| Coupon: | Libor plus 152 bps
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| Rating: | Moody's: Aa2
|
|
|
| Class C-R notes
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| Amount: | $48 million
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| Securities: | Mezzanine secured deferrable floating-rate notes
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| Coupon: | Libor plus 220 bps
|
| Rating: | Moody's: A2
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