By Cristal Cody
Tupelo, Miss., April 25 – BlueMountain Capital Management LLC refinanced $372 million of notes due Jan. 20, 2029 in a second refinancing of the BlueMountain CLO 2013-1 Ltd./BlueMountain CLO 2013-1 LLC transaction, according to a notice of proposed third supplemental indenture dated on Wednesday.
The CLO priced $310 million of class A-1-R2 senior secured floating-rate notes at Libor plus 123 basis points and $62 million of class A-2-R2 senior secured floating-rate notes at Libor plus 175 bps.
Citigroup Global Markets Inc. was the refinancing agent.
BlueMountain Capital Management will continue to manage the CLO.
The CLO was originally issued May 16, 2013. The CLO was first refinanced in a $460.6 million transaction on Dec. 16, 2016.
In the first refinancing, the CLO priced $310 million of class A-1-R floating-rate notes at Libor plus 140 bps; $62 million of class A-2-R floating-rate notes at Libor plus 190 bps; $39 million of 2.64% class B-R deferrable fixed-rate notes; $26 million of class C-R deferrable floating-rate notes at Libor plus 415 bps and $23.6 million of class D deferrable floating-rate notes at Libor plus 750 bps. The original $53.6 million equity tranche of subordinated notes remains outstanding.
Proceeds from the second refinancing will be used to redeem the outstanding class A-1-R and class A-2-R notes on May 8.
The management firm is based in New York City.
| Issuer: | BlueMountain CLO 2013-1 Ltd./BlueMountain CLO 2013-1 LLC
|
| Amount: | $372 million refinancing
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| Maturity: | Jan. 20, 2029
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| Securities: | Floating-rate notes
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| Structure: | Cash flow CLO
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| Refinancing agent: | Citigroup Global Markets Inc.
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| Manager: | BlueMountain Capital Management LLC
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| Settlement date: | May 8
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class A-1-R2 notes
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| Amount: | $310 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 123 bps
|
| Ratings: | Moody’s: Aaa expected
|
| S&P: AAA expected
|
|
|
| Class A-2-R2 notes
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| Amount: | $62 million
|
| Securities: | Senior secured floating-rate notes
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| Coupon: | Libor plus 175 bps
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| Rating: | S&P: AA expected
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