Chicago, June 7 – Assured Investment Management LLC, previously known as BlueMountain Capital Management LLC, sold a new $407.3 million CLO that lists BlueMountain CLO XXXI Ltd./BlueMountain CLO XXXI LLC as co-issuers, according to a pre-sale report.
The notes mature April 19, 2034.
The CLO includes $248 million of class A-1 senior secured floating-rate notes at Libor plus 115 basis points, $8 million of class A-2 senior secured floating-rate notes at Libor plus 140 bps and $48 million of class B senior secured floating-rate notes at Libor plus 170 bps.
Lower in the stack are $24 million of class C senior secured deferrable floating-rate notes at Libor plus 200 bps, $22 million of class D senior secured deferrable floating-rate notes at Libor plus 300 bps and $16.8 million of class E senior secured deferrable floating-rate notes at Libor plus 653 bps.
Also, there are $40.5 million of subordinated notes.
Credit Suisse Securities (USA) LLC is the initial purchaser.
Assured Investment Management is the collateral manager for a collateral pool that consists of broadly syndicated speculative-grade senior secured term loans. The collateral can be reinvested through April 19, 2026.
There are two years of call protection.
Assured Investment Management is the New York-based institutional asset management business of Assured Guaranty.
| Issuers: | BlueMountain CLO XXXI Ltd./BlueMountain CLO XXXI LLC
|
| Issue: | Floating-rate and subordinated notes
|
| Amount: | $407.3 million
|
| Maturity: | April 19, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | Credit Suisse Securities (USA) LLC
|
| Manager: | Assured Investment Management LLC
|
| Call feature: | April 19, 2023
|
| Settlement date: | June 4
|
|
|
| Class A-1 notes
|
| Amount: | $248 million
|
| Securities: | Senior Secured floating-rate notes
|
| Coupon: | Libor plus 115 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $8 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 140 bps
|
| Rating: | S&P:
|
|
|
| Class B notes
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| Amount: | $48 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
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| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
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| Amount: | $22 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 300 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
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| Amount: | $16.8 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 653 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $40.5 million
|
| Securities: | Subordinated notes
|
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