BlueMountain prices $504.6 million; Elmwood sells third CLO; Ares, KKR, Chenavari active

By Cristal Cody

Tupelo, Miss., Oct. 30 – Two CLO managers priced new deals in October, while the European refinancing space is heating up.

BlueMountain Capital Management LLC priced $504.6 million of notes in a dollar-denominated deal ahead of its previously reported new euro CLO offering.

Elmwood Asset Management LLC priced a $506.75 million CLO.

Meanwhile, Ares European Loan Management LLP sold €469.05 million of notes in a refinancing and reset of a vintage 2016 CLO.

KKR Credit Advisors (Ireland) Unlimited Co. priced €320 million of notes in a second refinancing of two tranches from a 2014 vintage European CLO.

Also, Chenavari Credit Partners LLP refinanced €248.5 million of notes in three tranches from a 2017 CLO transaction.

In its deal, BlueMountain Capital Management priced $504.6 million of notes due Oct. 20, 2032 in the new BlueMountain CLO XXVI Ltd./BlueMountain CLO XXVI LLC offering, according to market sources.

The CLO sold $310 million of class A-1 floating-rate notes at Libor plus 133 basis points at the top of the capital stack.

Meanwhile, Elmwood Asset Management priced $506.75 million of notes due Oct. 15, 2032 in the Elmwood CLO III Ltd. broadly syndicated CLO transaction, according to market sources.

The CLO sold $265 million of the class A-1 floating-rate notes at Libor plus 137 bps.

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