American Money, BlueMountain price CLOs; GoldenTree, CSAM refinance; secondary active

By Cristal Cody

Eureka Springs, Ark., Oct. 12 – New issue and refinancing action continues to keep a steady pace in the CLO market ahead of the December activation for risk retention rules.

American Money Management Corp. raised $459.86 million in the firm’s second new CLO deal of the year.

BlueMountain Capital Management LLC returned to the primary market for the third time in 2016 with a $480.11 million offering.

In refinancing activity, GoldenTree Asset Management LP refinanced $518.8 million of notes in a vintage 2014 CLO.

Also, Credit Suisse Asset Management, LLC refinanced $460 million of notes in a vintage 2012 CLO.

In the securitized secondary market on Tuesday, $172.9 million in 29 high-grade CBO/CDO/CLO issues and $260.4 million in 32 non-investment-grade securities were traded, according to Trace.

In its deal, BlueMountain Capital Management sold $480.11 million of notes due Nov. 15, 2027 in the BlueMountain CLO 2016-3 Ltd./BlueMountain CLO 2016-3 LLC transaction, according to a market source.

The CLO priced $294.5 million of class A senior secured floating-rate notes (Aaa/AAA) at Libor plus 143 basis points.

Barclays was the placement agent.

Meanwhile, American Money Management priced $459.86 million of notes due Oct. 15, 2028 in a collateralized loan obligation offering, according to a market source.

AMMC CLO 19, Ltd./AMMC CLO 19 Corp. sold $288 million of class A floating-rate notes at Libor plus 150 bps at the top of the capital structure.

MUFG arranged the deal.

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