By Cristal Cody
Tupelo, Miss., March 17 – BlueMountain Capital Management LLC sold $507.1 million of notes due March 25, 2027 in a collateralized loan obligation offering, according to a market source.
BlueMountain CLO 2015-1 Ltd./BlueMountain CLO 2015-1 LLC priced $310 million of class A-1 senior secured floating-rate notes at Libor plus 151 basis points; $69.5 million of class A-2 senior secured floating-rate notes at Libor plus 225 bps; $29.7 million of class B senior secured deferrable floating-rate notes at Libor plus 315 bps; $25.25 million of class C senior secured deferrable floating-rate notes at Libor plus 375 bps; $21.25 million of class D senior secured deferrable floating-rate notes at Libor plus 545 bps; $9.4 million of class E senior secured deferrable floating-rate notes at Libor plus 605 bps and $42 million of subordinated notes.
Citigroup Global Markets Inc. was the placement agent.
BlueMountain Capital Management will manage the CLO, which has a two-year non-call period and a four-year reinvestment period.
The CLO is backed primarily by broadly syndicated first-lien senior secured corporate loans.
New York City-based BlueMountain Capital Management brought four CLO deals in 2014.
| Issuer: | BlueMountain CLO 2015-1 Ltd./BlueMountain CLO 2015-1 LLC
|
| Amount: | $507.1 million
|
| Maturity: | March 25, 2027
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | BlueMountain Capital Management LLC
|
| Call feature: | Two years
|
| Pricing date: | March 3
|
|
|
| Class A-1 notes
|
| Amount: | $310 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 151 bps
|
| Ratings: | Moody’s: Aaa
|
| Standard & Poor’s: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $69.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 225 bps
|
| Rating: | Standard & Poor’s: AA
|
|
|
| Class B notes
|
| Amount: | $29.7 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 315 bps
|
| Rating: | Standard & Poor’s: A
|
|
|
| Class C notes
|
| Amount: | $25.25 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 375 bps
|
| Rating: | Standard & Poor’s: BBB
|
|
|
| Class D notes
|
| Amount: | $21.25 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 545 bps
|
| Rating: | Standard & Poor’s: BB
|
|
|
| Class E notes
|
| Amount: | $9.4 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 605 bps
|
| Rating: | Standard & Poor’s: B
|
|
|
| Equity
|
| Amount: | $42 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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