BlueMountain Capital offers $505.55 million of notes in 2016-2 CLO

By Cristal Cody

Eureka Springs, Ark., July 22 – BlueMountain Capital Management LLC plans to price $505.55 million of notes due Aug. 20, 2028 in the BlueMountain CLO 2016-2 Ltd./BlueMountain CLO 2016-2 LLC transaction, according to a market source.

The deal includes $304.9 million of class A-1 senior secured floating-rate notes (AAA); $75.5 million of class A-2 floating-rate notes (AA); $30 million of class B deferrable floating-rate notes (A); $28.4 million of class C deferrable floating-rate notes (BBB); $20 million of class D deferrable floating-rate notes (BB) and $46.75 million of subordinated notes.

Citigroup Global Markets Inc. is the placement agent.

BlueMountain Capital Management will manage the CLO.

The CLO has a non-call period that ends Aug. 20, 2018 and a reinvestment period that ends Aug. 20, 2021.

The deal is backed primarily by broadly syndicated senior secured corporate loans.

BlueMountain Capital Management has priced one CLO year to date.

The New York City-based management firm was in the primary market in 2015 with four U.S. CLO deals.

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