BlueMountain reprices two vintage 2014 CLOs; secondary trading activity improves

By Cristal Cody

Tupelo, Miss., Aug. 15 – In new refinancing activity, BlueMountain Capital Management LLC repriced two vintage CLOs.

The CLO manager priced $475.1 million of notes in a reissue of the BlueMountain CLO 2014-1 Ltd. deal in July and also repriced $513 million of notes in the BlueMountain CLO 2018-2 Ltd./BlueMountain CLO 2018-2 LLC transaction on Thursday, according to market sources.

Final pricing details on the 2018-2 transaction, which was a reissue of BlueMountain CLO 2014-4 Ltd., were not immediately available. The deal is expected to close on Aug. 30. J.P. Morgan Securities LLC was the placement agent.

About $80 billion of vintage CLOs have refinanced year to date, according to market sources.

Elsewhere, securitized secondary trading activity picked up on Tuesday.

BlueMountain Capital Management priced $475.1 million of notes due July 30, 2030 in the renamed BlueMountain CLO 2018-1 Ltd./BlueMountain CLO 2018-1 LLC transaction, according to market sources.

The CLO sold $280.5 million of the class A-1 floating-rate notes at Libor plus 112 basis points.

Citigroup Global Markets Inc. arranged the offering.

The deal is a repricing of BlueMountain CLO 2014-1, which was issued April 30, 2014 as a $513.23 million transaction and partially refinanced in January 2017.

In the original offering, the CLO sold $321.25 million of class A senior secured floating-rate notes at Libor plus 152 bps.

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