Chicago, Dec. 20 – Beach Point CLO Management LLC sold $453.98 million in a collateralized loan obligation being issued by Sandstone Peak Ltd./Sandstone Peak LLC, according to a pre-sale report.
The notes will mature on Oct. 15, 2034.
The CLO consists of $279 million of class A-1 senior secured floating-rate notes at Libor plus 122 basis points, $9 million of class A-2 senior secured floating-rate notes at Libor plus 160 bps, $46.5 million of class B-1 senior secured floating-rate notes at Libor plus 180 bps, $7.5 million of class B-2 3.19% senior secured fixed-rate notes, $27 million of class C senior secured deferrable floating-rate notes at Libor plus 235 bps, $24.75 million of class D senior secured deferrable floating-rate notes at Libor plus 355 bps, $16.88 million of class E senior secured deferrable floating-rate notes at Libor plus 680 bps and $43.35 million of subordinated notes..
Beach Point CLO Management LLC will manage the collateral through the end of the reinvestment period on Oct. 15, 2026.
Collateral for the notes will come from senior secured loans, cash and eligible investments with most borrowers based in the United States or Canada.
The notes can be called starting Nov. 17, 2023.
J.P. Morgan Securities LLC was the placement agent.
This is Beach Point’s debut CLO.
Beach Point is a Los Angeles-based investment manager.
| Issuer: | Sandstone Peak Ltd./Sandstone Peak LLC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $453.98 million
|
| Maturity: | Oct. 15, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Manager: | Beach Point CLO Management LLC
|
| Call feature: | Nov. 17, 2023
|
| Settlement date: | Nov. 17
|
|
|
| Class A-1 notes
|
| Amount: | $279 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 122 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $9 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Rating: | S&P: NR
|
|
|
| Class B-1 notes
|
| Amount: | $46.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 180 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-2 notes
|
| Amount: | $7.5 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 3.19%
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $27 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
|
|
| Coupon: | Libor plus 235 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $24.75 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 355 bps
|
| Rating: | S&P: BBB
|
|
|
| Class E notes
|
| Amount: | $16.88 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 680 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $43.35 million
|
| Securities: | Subordinated notes
|
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