Beach Point CLO Management, an affiliate of Beach Point Capital Management, completed a reset of Sandstone Peak, Beach Point’s inaugural 2021 vintage collateralized loan obligation (CLO), increasing its size to $466 million. As part of the reset, the reinvestment period was extended to April 15, 2029, and its non-call period was extended to April 15, 2027. The non-call period for the Class A-1-R2 & B-R2 tranches were extended to Oct. 15, 2027.
Sinjin Bowron, portfolio manager and head of performing credit for Beach Point, said, “Resetting our first CLO reflects how far our platform has come since our inaugural closing, and speaks to the durability of the underlying portfolio. The fundamentals that drove us to initially launch our CLO Platform remain intact, and this transaction gives us the runway to continue executing on them. Several of the investors in this reset have been with us since original issuance, and that continuity means a great deal to us. We are energized by both the support we received and the opportunities ahead in this market, and we remain committed to delivering for our investors.”
The reset transaction of Beach Point’s first CLO marks the firm’s 39th securitization since 2015.
