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Sound Point Euro CLO I Funding: 11 May 2019

The assets securing the Notes will consist primarily of a portfolio of Senior Loans, Senior Secured Bonds, Mezzanine Obligations and High Yield Bonds, and will be managed by Sound Point CLO C-MOA, LLC.

SP CMOA was formed in December 2017. The sole member of SP CMOA is Sound Point Euro CLO Management LP, in which Sound Point Capital Management LP has a controlling interest. This is the first collateralised loan obligation transaction for which SP CMOA will act as the Collateral Manager. Sound Point will provide certain services to SP CMOA in its capacity as Sub-Advisor. Sound Point had approximately U.S.$20bln in assets under management as of 28 February 2019. Sound Point's clients include institutions, pension funds, endowments, family offices and high net worth individuals.

Eligibility criteria (includes): it is a Senior Secured Loan, a Senior Secured Bond, an Unsecured Senior Loan, a Mezzanine Obligation, a Second Lien Loan, a Corporate Rescue Loan, or a High Yield Bond; it is not a Defaulted Obligation or a Credit Impaired Obligation; it is not a lease; it is not a Structured Finance Security, letter of credit or a Synthetic Security; it is not a Zero Coupon Security; other than in the case of a Corporate Rescue Loan, it has an Fitch Rating of not lower than “CCC” and a Moody’s Rating of not lower than “Caa3”; it is an obligation in respect of which the Obligor (or the guarantor of such obligation) is Domiciled in a Qualifying Country, as determined by the Collateral Manager; it is not a Project Finance Loan; it is not a Step-Down Coupon Security.

The Issuer anticipates that, by the Issue Date, it or the Collateral Manager on its behalf will have purchased or committed to purchase Collateral Debt Obligations the Aggregate Principal Balance of which is equal to at least €375mln, which is approximately 75.0% of the Target Par Amount.

The Notes, other than the Retention Notes, are being offered by the Issuer through Citigroup Global Markets Limited in its capacity as placement agent of the offering of such Notes subject to prior sale.

EU Risk Retention: On the Issue Date the Collateral Manager, in its separate capacity as Retention Holder, will undertake to subscribe for and retain on an ongoing basis, for so long as any Class of Notes remains Outstanding, Subordinated Notes with a Principal Amount Outstanding equal to not less than 5% of the Aggregate Collateral Balance pursuant to paragraph 3(d) of Article 6 of the Securitisation Regulation.

US Risk Retention: Based on the LSTA Decision it should be assumed by each prospective investor that no party involved in the transaction will obtain on the Issue Date and retain any Notes intended to satisfy the U.S. Risk Retention Rules.