By Cristal Cody
Tupelo, Miss., March 24 - BlueMountain Capital Management LLC sold $513,225,000 of notes due April 30, 2026 in a collateralized loan obligation transaction, according to an informed source on Monday.
BlueMountain CLO 2014-1 Ltd./BlueMountain CLO 2014-1 LLC priced $321.25 million of class A senior secured floating-rate notes (/AAA/) at Libor plus 152 basis points at the top of the capital structure.
The CLO also sold $30 million of class B-1 senior secured floating-rate notes (/AA/) at Libor plus 200 bps; $20 million of 4.5% class B-2 senior secured fixed-rate notes (/AA/); $41.25 million of class C deferrable floating-rate notes (/A/) at Libor plus 275 bps; $26,875,000 of class D deferrable floating-rate notes (/BBB/) at Libor plus 345 bps; $21.25 million of class E deferrable floating-rate notes (/BB/) at Libor plus 475 bps; $15 million of class F deferrable floating-rate notes (/B/) at Libor plus 550 bps and $37.6 million of subordinated notes.
Credit Suisse Securities (USA) LLC was the placement agent.
BlueMountain Capital Management will manage the CLO.
The notes are non-callable until April 30, 2016. The reinvestment period ends April 30, 2018.
The CLO is backed by a revolving pool of broadly syndicated senior secured corporate loans and eligible investments.
BlueMountain Capital Management, a private investment firm with offices in New York and London, priced the $514.2 million BlueMountain CLO 2013-1 Ltd./BlueMountain CLO 2013-1 LLC transaction, the $428.75 million BlueMountain CLO 2013-2 Ltd./BlueMountain CLO 2013-2 LLC deal and the $413.25 million BlueMountain CLO 2013-3 Ltd./BlueMountain CLO 2013-3 LLC offering in 2013.
| Issuer: | BlueMountain CLO 2014-1 Ltd./BlueMountain CLO 2014-1 LLC
|
| Amount: | $513,225,000
|
| Maturity: | April 30, 2026
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Credit Suisse Securities (USA) LLC
|
| Manager: | BlueMountain Capital Management LLC
|
| Call feature: | April 30, 2016
|
| Pricing date: | March 24
|
| Settlement date: | April 30
|
|
|
| Class A notes
|
| Amount: | $321.25 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 152 bps
|
| Rating: | Standard & Poor's: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $30 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Rating: | Standard & Poor's: AA
|
|
|
| Class B-2 notes
|
| Amount: | $20 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 4.5%
|
| Rating: | Standard & Poor's: AA
|
|
|
| Class C notes
|
| Amount: | $41.25 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 275 bps
|
| Rating: | Standard & Poor's: A
|
|
|
| Class D notes
|
| Amount: | $26,875,000
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 345 bps
|
| Rating: | Standard & Poor's: BBB
|
|
|
| Class E notes
|
| Amount: | $21.25 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 475 bps
|
| Rating: | Standard & Poor's: BB
|
|
|
| Class F notes
|
| Amount: | $15 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 550 bps
|
| Rating: | Standard & Poor's: B
|
|
|
| Equity tranche
|
| Amount: | $37.6 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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