Brigade sells $405.25 million; BlueMountain to refinance CLO; refinancing supply strong

By Cristal Cody

Tupelo, Miss., Feb. 25 – Brigade Capital Management, LP closed Tuesday on a new $405.25 million CLO.

Meanwhile, BlueMountain Fuji Management, LLC plans to refinance $437 million of notes from a vintage 2017 CLO.

The refinancing space has been busy so far in 2020 with more than $12 billion of vintage CLOs repriced, according to market sources.

In its deal, Brigade Capital Management priced $405.25 million of notes due Jan. 17, 2033 in the CLO offering, according to market sources.

Battalion CLO XV Ltd./Battalion CLO XV LLC sold $248 million of class A-1 floating-rate notes at Libor plus 135 basis points at the top of the capital stack.

Meanwhile, BlueMountain Fuji Management plans to price $437 million of notes due July 20, 2029 in a refinancing of the BlueMountain Fuji US CLO I DAC deal, according to a market source and a notice of proposed supplemental indenture.

The offering includes $310 million of class A-1-R senior secured floating-rate notes (expected ratings Aaa/AAA), $25 million of class A-2-R senior secured floating-rate notes (expected rating Aaa), $39 million of class B-R senior secured floating-rate notes (expected rating AA), $36 million of class C-R senior secured deferrable floating-rate notes (expected rating A) and $27 million of class D-R senior secured deferrable floating-rate notes (expected rating BBB).

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