Chicago Fundamental Investment, GSO/Blackstone price; BlueMountain refinances CLO

By Cristal Cody

Tupelo, Miss., July 2 – Two CLO issuers tapped the primary market on Friday, and supply is expected to remain strong in July.

Chicago Fundamental Investment Partners, LLC sold $428 million of notes in the firm’s first deal of the year.

GSO/Blackstone Debt Funds Management LLC priced an upsized $560.8 million of notes in a CLO transaction on Friday.

In new refinancing activity, BlueMountain Capital Management LLC repriced $415.3 million of notes from a 2015 CLO.

Deal volume is expected to ramp up in July and could impact CLO spreads, according to market sources.

In its deal, Chicago Fundamental Investment Partners sold $428 million of notes due July 18, 2031 in the new CFIP CLO 2018-1, Ltd./CFIP CLO 2018-1, LLC transaction, according to a market source.

The CLO priced the $273 million of class A floating-rate notes at Libor plus 115 bps.

Meanwhile, GSO/Blackstone Debt Funds Management priced $560.8 million of notes in the Fillmore Park CLO Ltd./Fillmore Park CLO LLC transaction, according to market sources.

GreensLedge Capital Markets LLC and Wells Fargo were the placement agents.

The notes are due July 15, 2030.

Separately, BlueMountain Capital Management 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.

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