Chicago, Feb. 11 – Sound Point CLO C-MOA, LLC sold €505.7 million in a collateralized loan obligation being issued by Sound Point Euro CLO VII Funding DAC, according to a pre-sale report.
The notes will mature on Jan. 25, 2035.
The CLO consists of €307.5 million of class A senior secured floating-rate notes at Euribor plus 96 basis points, €37.5 million of class B-1 senior secured floating-rate notes at Euribor plus 175 bps, €12.5 million of class B-2 2.1% senior secured fixed-rate notes, €31.3 million of class C senior secured deferrable floating-rate notes at Euribor plus 210 bps, €37.5 million of class D senior secured deferrable floating-rate notes at Euribor plus 320 bps, €25 million of class E senior secured deferrable floating-rate notes at Euribor plus 627 bps, €15 million of class F senior secured deferrable floating-rate notes at Euribor plus 886 bps, €300,000 of class Z notes and €39.1 million of subordinated notes.
Sound Point CLO C-MOA, LLC will manage the collateral through the end of the reinvestment period on Jan. 25, 2027.
The notes are backed by senior loans, senior secured bonds, mezzanine obligations and high-yield bonds.
The notes can be called starting Dec. 17, 2023.
Barclays was the placement agent.
Sound Point is an advisory firm based in New York.
| Issuer: | Sound Point Euro CLO VII Funding DAC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | €505.7 million
|
| Maturity: | Jan. 25, 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays
|
| Manager: | Sound Point CLO C-MOA, LLC
|
| Call feature: | Dec. 17, 2023
|
| Settlement date: | Dec. 16
|
|
|
| Class A notes
|
| Amount: | €307.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 96 bps
|
| Price: | Par
|
| Rating: | Moody's: Aaa
|
| Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | €37.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 175 bps
|
| Price: | Par
|
| Rating: | Moody's: Aa2
|
| Fitch: AA
|
|
|
| Class B-2 notes
|
| Amount: | €12.5 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.1%
|
| Price: | Par
|
| Rating: | Moody's: Aa2
|
| Fitch: AA
|
|
|
| Class C notes
|
| Amount: | €31.3 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 210 bps
|
| Price: | Par
|
| Rating: | Moody's: A2
|
| Fitch: A
|
|
|
| Class D notes
|
| Amount: | €37.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 320 bps
|
| Price: | Par
|
| Rating: | Moody's: Baa3
|
| Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | €25 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 627 bps
|
| Price: | 99
|
| Rating: | Moody's: Ba3
|
| Fitch: BB-
|
|
|
| Class F notes
|
| Amount: | €15 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 886 bps
|
| Price: | 97
|
| Rating: | Moody's: B3
|
| Fitch: B-
|
|
|
| Class Z notes
|
| Amount: | €300,000
|
| Securities: | Interest notes
|
|
|
| Subordinated notes
|
| Amount: | €39.1 million
|
| Price: | 97
|
| Securities: | Subordinated notes
|
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