By Cristal Cody
Tupelo, Miss., Dec. 21 – BlueMountain Capital Management LLC sold $505.75 million of notes due Jan. 20, 2027 in the BlueMountain CLO 2015-4 Ltd./BlueMountain CLO 2015-4 LLC transaction, according to a market source.
The CLO priced $310 million of class A senior secured floating-rate notes (Aaa/AAA) at Libor plus 150 basis points, $67.5 million of class B senior secured floating-rate notes (/AA) at Libor plus 225 bps and $35 million of class C senior secured deferrable floating-rate notes (/A) at Libor plus 320 bps.
The CLO also sold $15 million of class D-1 senior secured deferrable floating-rate notes (/BBB) at Libor plus 460 bps; $7.5 million of class D-2 senior secured deferrable floating-rate notes (/BBB) at Libor plus 405 bps; $25 million of class E senior secured deferrable floating-rate notes (/BB) at Libor plus 650 bps; $10 million of class F senior secured deferrable floating-rate notes (/B) at Libor plus 775 bps and $35.75 million of subordinated notes.
BofA Merrill Lynch was the placement agent.
BlueMountain Capital Management will manage the CLO.
The CLO is non-callable until Jan. 20, 2018. The reinvestment period ends Jan. 20, 2020.
The deal is backed primarily by broadly syndicated senior secured corporate loans.
BlueMountain Capital Management has priced four CLO transactions year to date.
The New York City-based management firm sold four CLOs in 2014.
| Issuer: | BlueMountain CLO 2015-4 Ltd./BlueMountain CLO 2015-4 LLC
|
| Amount: | $505.75 million
|
| Maturity: | Jan. 20, 2027
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Merrill Lynch
|
| Manager: | BlueMountain Capital Management LLC
|
| Call feature: | Jan. 20, 2018
|
| Pricing date: | Dec. 10
|
| Settlement date: | Jan. 13
|
|
|
| Class A notes
|
| Amount: | $310 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 150 bps
|
| Ratings: | Moody’s: Aaa
|
| Standard & Poor’s: AAA
|
|
|
| Class B notes
|
| Amount: | $67.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 225 bps
|
| Rating: | Standard & Poor’s: AA
|
|
|
| Class C notes
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| Amount: | $35 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 320 bps
|
| Rating: | Standard & Poor’s: A
|
|
|
| Class D-1 notes
|
| Amount: | $15 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 460 bps
|
| Rating: | Standard & Poor’s: BBB
|
|
|
| Class D-2 notes
|
| Amount: | $7.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 405 bps
|
| Rating: | Standard & Poor’s: BBB
|
|
|
| Class E notes
|
| Amount: | $25 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 650 bps
|
| Rating: | Standard & Poor’s: BB
|
|
|
| Class F notes
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| Amount: | $10 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 775 bps
|
| Rating: | Standard & Poor’s: B
|
|
|
| Equity
|
| Amount: | $35.75 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
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