Beach Point Completes Majority Refinancing of $450 Million Sandstone Peak Collateralized Loan Obligation
SANTA MONICA, Calif., Oct. 10, 2024 /PRNewswire/ -- Beach Point CLO Management LLC, an affiliate of Beach Point Capital Management LP (collectively "Beach Point"), today announced that it completed a majority refinancing of Sandstone Peak Ltd., Beach Point's first Collateralized Loan Obligation (CLO), with a target par of $450 million. As part of the refinancing, the non-call period was extended to January 15th, 2026, for the Class A-1 shares, and October 15, 2026, for the Class A-2, B-1 and D shares.
Beach Point Portfolio Manager and Head of High Yield and Leveraged Loan strategies Sinjin Bowron said, "We are pleased to have completed this refinancing, which we believe optimizes costs and enhances the return profile for Sandstone Peak Ltd. In our view, the CLO market is attractive right now, particularly for investors who emphasize bottom-up credit analysis with a focus on downside protection. We look forward to continuing to build on the strong momentum of this deal in our entire CLO platform."
Beach Point manages three CLOs totaling over $1.25 billion. The majority refinancing of Sandstone Peak Ltd. marks Beach Point's first completed CLO refinancing. Beach Point has been an active investor in leveraged loans since its inception in 2009.
About Beach Point
Beach Point is a multi-strategy investment manager making private equity, credit, real estate and structured product investments. As of June 30, 2024, Beach Point manages approximately $17 billion in AUM on behalf of a predominantly institutional client base. Headquartered in Santa Monica, CA, Beach Point also has offices in New York, London and Dublin. For more information, visit https://beachpoint.capital
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SOURCE Beach Point Capital Management
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