BlackRock, BlueMountain bring CLOs; Ares, Fortress refinance vintage 2012 CLOs

By Cristal Cody

Tupelo, Miss., May 29 – Details emerged on new CLOs priced by BlackRock Financial Management, Inc. and BlueMountain Capital Management LLC.

BlackRock Financial Management priced a $535.47 million CLO, while BlueMountain Capital Management sold a $409.1 million CLO.

In refinancing activity, Ares Management LLC refinanced $612.4 million of notes in a vintage 2012 CLO.

Also, Fortress Investment Group LLC refinanced $149.06 million of notes in two vintage 2012 CLO vehicles.

More than $5 billion of CLOs have been refinanced year to date, according to market sources and data compiled by Prospect News.

BlackRock Financial Management priced $535.47 million of notes in the Magnetite XIV, Ltd./Magnetite XIV LLC transaction, according to a market source.

The CLO sold $325.5 million of class A floating-rate notes at Libor plus 139 basis points at the top of the capital structure.

Deutsche Bank Securities, Inc. was the placement agent.

BlackRock Financial Management is the CLO manager.

Meanwhile, BlueMountain Capital Management sold $409.1 million of notes due July 20, 2027 in a CLO offering via J.P. Morgan Securities LLC, according to a market source.

BlueMountain CLO 2015-2 Ltd./BlueMountain CLO 2015-2 LLC priced $211.38 million of class A-1 senior secured floating-rate notes at Libor plus 143 bps in the senior tranche.

The CLO is non-callable until July 20, 2018. The reinvestment period ends July 20, 2020.

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

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