BlueMountain refinances $462.85 million CLO; CVC reprices €377 million; reset AAAs firm

By Cristal Cody

Tupelo, Miss., April 13 – Details emerged on two new CLO refinancing transactions in the U.S. and European deal markets.

BlueMountain Capital Management LLC priced $462.85 million of notes in a refinancing and reset of a vintage CLO.

The class A-1-R notes priced 48 basis points tighter than in the original tranche sold in 2015.

CVC Credit Partners Group Ltd. priced €377 million of notes in a refinancing and reset of a euro-denominated deal.

CVC priced the AAA-rated tranche 74 bps tighter than where the class A notes priced in 2016.

In its deal, BlueMountain Capital Management refinanced $462.85 million of notes from the BlueMountain CLO 2015-3 Ltd./BlueMountain CLO 2015-3 LLC transaction, according to a market source and a notice of executed supplemental indenture on Thursday.

The CLO priced the $279 million of class A-1-R senior secured floating-rate notes at Libor plus 100 bps.

BofA Merrill Lynch was the refinancing placement agent.

The refinanced notes are due April 20, 2031.

Meanwhile, CVC Credit Partners Group priced €377 million of notes in a refinancing and reset of the CVC Cordatus Loan Fund VI DAC transaction, according to a market source and a notice to noteholders on Friday.

The CLO sold €248 million of class A-R senior secured floating-rate notes at par to yield Euribor plus 76 bps at the top of the capital stack.

Barclays arranged the offering.

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