By Cristal Cody
Tupelo, Miss., June 27 – BlueMountain Capital Management LLC priced $407.95 million of notes due July 15, 2031 in the BlueMountain CLO XXII Ltd./BlueMountain CLO XXII LLC transaction, according to a market source.
The CLO sold $250 million of class A-1 floating-rate notes at Libor plus 108 basis points and $10 million of class A-2 floating-rate notes at Libor plus 140 bps.
BlueMountain XXII also priced $30.3 million of class B floating-rate notes at Libor plus 150 bps; $39.75 million of class C floating-rate notes at Libor plus 195 bps; $20 million of class D floating-rate notes at Libor plus 285 bps; $17 million of class E floating-rate notes at Libor plus 505 bps and $40.9 million of subordinated notes.
J.P. Morgan Securities LLC was the placement agent.
BlueMountain Capital Management will manage the CLO.
The CLO has a two-year non-call period and a five-year reinvestment period.
The deal is backed primarily by broadly syndicated senior secured corporate loans.
BlueMountain Capital Management is based in New York City.
| Issuer: | BlueMountain CLO XXII Ltd./BlueMountain CLO XXII LLC
|
| Amount: | $407.95 million
|
| Maturity: | July 15, 2031
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Manager: | BlueMountain Capital Management LLC
|
| Call feature: | Two years
|
| Pricing date: | June 20
|
|
|
| Class A-1 notes
|
| Amount: | $250 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 108 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $10 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 140 bps
|
| Ratings: | S&P: Non-rated
|
|
|
| Class B notes
|
| Amount: | $30.3 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 150 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $39.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 195 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $20 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 285 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $17 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 505 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $40.9 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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