BlackRock prices $331.34 million in DLF IX 2019; BlueMountain refinances $517.5 million

Chicago, Sept. 3 – The Tuesday collateralized loan obligation market witnessed one refinancing and one new issue on Tuesday.

BlackRock Capital Investment Advisors, LLC priced $331.34 million in its new middle-market cash flow CLO via issuer BlackRock DLF IX 2019 CLO, LLC.

BlueMountain Capital Management LLC expects to redeem its A-1, A-2 B, C and D notes from its vintage 2016 issue with a refinancing for $517.5 million. The notes are issued by BlueMountain CLO 2016-2 Ltd./BlueMountain CLO 2016-2 LLC.

On Friday, the last trading day for which statistics are available, secondary trading was light before the three-day long Labor Day weekend in the United States.

Trading volume for investment-grade CBO/CDO/CLO was tallied at $22.12 million, a steep decline from a more active Thursday at $393.83 million. The average trading price on Friday was 98.4.

In terms of non-investment grade trading, there was no reported volume, according to Trace data.

In its deal, BlackRock priced a new cash flow CLO on Tuesday, consisting primarily of senior secured floating-rate middle-market loans.

The DLF IX 2019 portfolio allowances permit a minimum of 80% of the loans in the portfolio to be senior secured and no more than 25% can be covenant-lite. A maximum of 5% of the portfolio can be high-yield bonds.

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