By Cristal Cody
Tupelo, Miss., July 2 – BlueMountain Capital Management LLC repriced $415,375,000 of notes due July 18, 2027 in the BlueMountain CLO 2015-2 Ltd./BlueMountain CLO 2015-2 LLC transaction that closed Monday, according to a market source and a notice of proposed supplemental indenture.
The CLO sold $311,375 of class A-1-R senior secured floating-rate notes at Libor plus 93 basis points; $56.75 million of class B-R senior secured floating-rate notes at Libor plus 150 bps; $44,625,000 of class C-R senior secured deferrable floating-rate notes at Libor plus 205 bps; $23.25 million of class D-R senior secured deferrable floating-rate notes at Libor plus 275 bps and $24 million of class E-R senior secured deferrable floating-rate notes at Libor plus 520 bps.
J.P. Morgan Securities LLC was the refinancing placement agent.
BlueMountain Capital Management will manage the CLO.
In the original $409.1 million transaction issued July 1, 2015, the CLO sold $211.38 million of class A-1 senior secured floating-rate notes at Libor plus 143 bps; $56.75 million of class B senior secured floating-rate notes at Libor plus 185 bps; $44.63 million of class C senior secured deferrable floating-rate notes at Libor plus 270 bps; $23.25 million of class D senior secured deferrable floating-rate notes at Libor plus 355 bps; $24 million of class E senior secured deferrable floating-rate notes at Libor plus 535 bps; $10 million of class F senior secured deferrable floating-rate notes at Libor plus 680 bps and $39 million of subordinated notes.
Proceeds will be used to redeem the original notes.
The deal is backed primarily by broadly syndicated senior secured corporate loans.
BlueMountain Capital Management is based in New York City.
| Issuer: | BlueMountain CLO 2015-2 Ltd./BlueMountain CLO 2015-2 LLC
|
| Amount: | $415,375,000 refinancing
|
| Maturity: | July 18, 2027
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | J.P. Morgan Securities LLC
|
| Manager: | BlueMountain Capital Management LLC
|
| Notice date: | June 26
|
| Settlement date: | July 18
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class A-1-R notes
|
| Amount: | $311,375,000
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 93 bps
|
| Ratings: | Moody’s: Aaa expected
|
| S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | $56.75 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 150 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $44,625,000
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 205 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $23.25 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 275 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 520 bps
|
| Rating: | S&P: BB-
|
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