BlueMountain refinances $462.85 million CLO; CVC reprices €377 million; reset AAAs firm

By Cristal Cody

Tupelo, Miss., April 13 – Details emerged on two new CLO refinancing transactions in the U.S. and European deal markets.

BlueMountain Capital Management LLC priced $462.85 million of notes in a refinancing and reset of a vintage CLO.

The class A-1-R notes priced 48 basis points tighter than in the original tranche sold in 2015.

CVC Credit Partners Group Ltd. priced €377 million of notes in a refinancing and reset of a euro-denominated deal.

CVC priced the AAA-rated tranche 74 bps tighter than where the class A notes priced in 2016.

BlueMountain resets CLO

BlueMountain Capital Management refinanced $462.85 million of notes from the BlueMountain CLO 2015-3 Ltd./BlueMountain CLO 2015-3 LLC transaction, according to a market source and a notice of executed supplemental indenture on Thursday.

The CLO priced the $279 million of class A-1-R senior secured floating-rate notes at Libor plus 100 bps.

BofA Merrill Lynch was the refinancing placement agent.

The refinanced notes are due April 20, 2031. The maturity was extended from Oct. 20, 2027.

The original transaction was issued on Sept. 24, 2015. The CLO had priced $286.75 million of the class A-1 floating-rate notes at Libor plus 148 bps.

The management firm is based in New York City.

CVC refinances €377 million

CVC Credit Partners Group priced €377 million of notes in a refinancing and reset of the CVC Cordatus Loan Fund VI DAC transaction, according to a market source and a notice to noteholders on Friday.

The CLO sold €248 million of class A-R senior secured floating-rate notes at par to yield Euribor plus 76 bps at the top of the capital stack.

Barclays arranged the offering.

The maturity on the notes was reset to April 15, 2032 from the original April 15, 2029 maturity.

The original €411 million CLO was issued March 31, 2016. The CLO had priced €248 million of the class A senior secured floating-rate notes at Euribor plus 150 bps.

CVC Credit Partners European CLO Management is an affiliate of CVC Credit Partners Group Ltd., the credit management arm of London-based private equity firm CVC Capital Partners Ltd.

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