Chicago, June 1 – Assured Investment Management LLC refinanced and extended the now $510.15 million collateralized loan obligation transaction that was originally issued by BlueMountain CLO XXIV Ltd./BlueMountain CLO XXIV LLC in 2019, according to a pre-sale report.
The notes mature April 20, 2034.
The CLO sold $320 million of class A-R senior secured floating-rate notes at Libor plus 110 basis points, $60 million of class B-R senior secured floating-rate notes at Libor plus 160 bps, $30 million of class C-R senior secured floating-rate notes at Libor plus 195 bps, $25 million of class D-1-R senior secured floating-rate notes at Libor plus 350 bps, $5 million of class D-2-R senior secured floating-rate notes at Libor plus 475 bps, $18.75 million of class E-R senior secured deferrable floating-rate notes at Libor plus 684 bps and $51.4 million of subordinated notes.
Originally, there were $295 million of class A-1 floating-rate notes at Libor plus 132 bps, $25 million of class A-2 floating-rate notes at Libor plus 160 bps and $46.25 million of class B floating-rate notes at Libor plus 185 bps.
Also original to the transaction were $41 million of class C deferrable floating-rate notes at Libor plus 270 bps, $29.5 million of class D deferrable floating-rate notes at Libor plus 390 bps, $18 million of class E deferrable floating-rate notes at Libor plus 676 bps and $51.4 million of subordinated notes.
BofA Securities Inc. is the initial purchaser.
BlueMountain Capital Management LLC was the original manager.
New York-based Assured is now managing the collateral. The firm was established in 2019 through the acquisition of BlueMountain.
Collateral for the notes is mostly senior secured term loans.
The reinvestment period ends April 20, 2026.
The notes can be called after April 20, 2023.
| Issuers: | BlueMountain CLO XXIV Ltd./BlueMountain CLO XXIV LLC
|
| Issue: | Floating-rate and subordinated notes
|
| Amount: | $510.5 million
|
| Maturity: | April 20, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Securities Inc.
|
| Manager: | Assured Investment Management LLC
|
| Call feature: | April 20, 2023
|
| Settlement date: | May 6
|
|
|
| Class A-R notes
|
| Amount: | $320 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 110 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | $60 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $30 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 195 bps
|
| Rating: | S&P: A
|
|
|
| Class D-1-R notes
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| Amount: | $25 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 350 bps
|
| Rating: | S&P: BBB
|
|
|
| Class D-2-R notes
|
| Amount: | $5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 475 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R notes
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| Amount: | $18.75 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 684 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $51.4 million
|
| Securities: | Subordinated notes
|
|
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