BlueMountain, PineBridge to tap U.S., Europe; MJX to refinance $614.5 million CLO

By Cristal Cody

Eureka Springs, Ark., Sept. 29 – The CLO deal pipeline continues to fill, with market sources expecting issuance to remain strong ahead of the U.S. presidential election in November and before risk regulations take effect in December.

BlueMountain Capital Management LLC is marketing a $404.1 million CLO, the firm’s third deal in 2016.

PineBridge Investments Europe Ltd. plans its first euro-denominated CLO offering of the year, a €411.1 million transaction.

Also, MJX Asset Management LLC plans to refinance $614.5 million of notes in a vintage 2013 CLO deal.

BlueMountain markets CLO

BlueMountain Capital Management intends to price $404.1 million of notes due Nov. 15, 2027 in the BlueMountain CLO 2016-3 Ltd./BlueMountain CLO 2016-3 LLC transaction, according to a market source.

The deal includes $248 million of class A senior secured floating-rate notes (Aaa/AAA); $58 million of class B senior secured floating-rate notes (AA); $26 million of class C senior secured deferrable floating-rate notes (A); $20 million of class D senior secured deferrable floating-rate notes (BBB); $16 million of class E senior secured deferrable floating-rate notes (BB) and $36.1 million of subordinated notes.

Barclays is the placement agent.

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 has priced two CLOs year to date.

The New York City-based management firm was in the primary market in 2015 with four U.S. CLO deals.

PineBridge to tap market

PineBridge Investments Europe plans to price €411.1 million notes in the Euro-Galaxy V CLO BV transaction, according to a market source.

The deal includes €60 million of class A-R floating-rate notes (AAA); €184 million of class A-1 floating-rate notes (AAA); €49.2 million of class B floating-rate notes (AA); €23.2 million of class C floating-rate notes (A); €19.2 million of class D floating-rate notes (BBB); €23.3 million of class E floating-rate notes (BB); €12.3 million of class F floating-rate notes (B-) and €39.9 million of subordinated notes.

J.P. Morgan Securities plc is the placement agent.

PineBridge Investments Europe will manage the CLO, which is backed primarily by euro-denominated senior secured loans and bonds. Credit Industriel et Commercial is the junior collateral manager.

PineBridge last priced a euro-denominated CLO in 2015.

PineBridge Investments Europe is an affiliate of New York City-based asset management firm PineBridge Investments LLC.

MJX to refinance CLO

MJX Asset Management plans to refinance $614.5 million of notes in the Venture XV CLO, Ltd. offering, according to a market source.

The CLO will refinance $374 million of class A-R floating-rate notes (AAA); $57.5 million of class B-R floating-rate notes; $30 million of class C-R floating-rate notes; $22.5 million of class C-F-R fixed-rate notes; $15 million of class D-1-R floating-rate notes; $20.3 million of class D-2-R floating-rate notes; $34.2 million of class E-R floating-rate notes and $61 million of subordinated notes.

Jefferies LLC is the refinancing agent.

The maturity on the refinanced notes will be extended to July 15, 2028 from the original July 15, 2025 maturity.

The CLO will have a two-year non-call period and a four-year reinvestment period.

Proceeds will be used to redeem the original notes on Oct. 17.

MJX Asset Management has priced two CLO transactions year to date.

The New York City-based asset management company brought three new CLO deals and refinanced one vintage CLO in 2015.

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