Sound Point prices $810.25 million, its second CLO of year; Vibrant CLO closing ahead

By Cristal Cody

Tupelo, Miss., June 29 – Details emerged on a new $810.25 million CLO brought to the primary market from manager Sound Point Capital Management LP.

In other market activity, Moody’s Investors Service assigned ratings to the $510.4 million Vibrant CLO IX Ltd./Vibrant CLO IX LLC offering in the deal pipeline. Vibrant Credit Partners, LLC plans to price $510.4 million of notes due July 20, 2031 in the transaction expected to close on Aug. 8.

BNP Paribas Securities Corp. is the placement agent.

The deal is expected to include $320 million of class A-1 floating-rate notes (Aaa//AAA); $57.5 million of class A-2 floating-rate notes (Aa2); $27.5 million of class B floating-rate notes (A2); $31 million of class C floating-rate notes (Baa3); $24 million of class D floating-rate notes (Ba3) and $50.4 million of subordinated notes.

In its deal, Sound Point Capital Management sold $810.25 million of notes due July 2031 in the new Sound Point CLO XX, Ltd. transaction, according to a market source.

The CLO priced $520 million of class A senior secured floating-rate notes at Libor plus 110 basis points in the senior tranche.

Credit Suisse Securities (USA) LLC was the placement agent.

The asset management firm is based in New York.

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