Chicago, May 19 – Sound Point Capital Management, LP sold a new collateralized loan obligation that lists Sound Point CLO XXIX, Ltd. as issuer, according to a notice.
The CLO matures April 25, 2034.
The transaction includes $2.7 million of class X senior secured floating-rate notes at Libor plus 70 basis points, $151.9 million of class A senior secured floating-rate notes at Libor plus 107 bps, $158.1 million of a class A loan at Libor plus 107 bps, $0 million of class A-L senior secured floating-rate notes at Libor plus 107 bps, $50 million of class B-1 senior secured floating-rate notes at Libor plus 170 bps and $20 million of class B-2 2.95% senior secured fixed-rate notes.
Lower, there are $23.5 million of class C-1 mezzanine secured deferrable floating-rate notes at Libor plus 230 bps, $3 million of class C-2 3.93% mezzanine secured deferrable fixed-rate notes, $28.5 million of class D mezzanine secured deferrable floating-rate notes at Libor plus 350 bps and $22.5 million of class E junior secured deferrable floating-rate notes at Libor plus 685 bps.
There are also $48.7 million of subordinated notes.
At any time, the class A loans can be converted into class A-L notes.
Sound Point will manage the collateral, which will chiefly consist of broadly syndicated senior secured corporate loans. The reinvestment period is five years.
Credit Suisse Securities (USA) LLC is the underwriter.
Sound Point is an advisory firm based in New York.
| Issuer: | Sound Point CLO XXIX, Ltd.
|
| Issue: | Floating-rate, fixed-rate notes, floating-rate loan and subordinated notes
|
| Amount: | $508.9 million
|
| Maturity: | April 25, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | Credit Suisse Securities (USA) LLC
|
| Manager: | Sound Point Capital Management, LP
|
| Settlement date: | May 13
|
|
|
| Class X notes
|
| Amount: | $2.7 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 70 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A notes
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| Amount: | $151.9 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 107 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A loan
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| Amount: | $158.1 million
|
| Securities: | Loan
|
| Coupon: | Libor plus 107 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-L notes
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| Amount: | $0 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 107 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class B-1 notes
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| Amount: | $50 million
|
| Securities: | Senior secured floating-rate notes
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| Coupon: | Libor plus 170 bps
|
| Rating: | Moody's: Aa2
|
|
|
| Class B-2 notes
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| Amount: | $20 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.95%
|
| Rating: | Moody's: Aa2
|
|
|
| Class C-1 notes
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| Amount: | $23.5 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 230 bps
|
| Rating: | Moody's: A2
|
|
|
| Class C-2 notes
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| Amount: | $3 million
|
| Securities: | Mezzanine secured deferrable fixed-rate notes
|
| Coupon: | 3.93%
|
| Rating: | Moody's: A2
|
|
|
| Class D notes
|
| Amount: | $28.5 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
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| Coupon: | Libor plus 350 bps
|
| Rating: | Moody's: Baa3
|
|
|
| Class E notes
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| Amount: | $22.5 million
|
| Securities: | Junior secured deferrable floating-rate notes
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| Coupon: | Libor plus 685 bps
|
| Rating: | Moody's: Ba3
|
|
|
| Subordinated notes
|
| Amount: | $48.7 million
|
| Securities: | Subordinated notes
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