Bain to price euro CLO; details emerge for Allegro, BlueMountain, MCF

By Rebecca Melvin

New York, Aug. 18 – Boston-based Bain Capital Credit Ltd. plans to price €362.5 million of notes due Oct. 17, 2030 in the new Bain Capital Euro CLO 2017-1 DAC, according to a market source.

Citigroup Global Markets Ltd. is arranging the financing, which is expected to close Oct. 12.

The deal is backed primarily by broadly syndicated senior secured loans and bonds, and includes

Meanwhile, details emerged for three recently priced CLOs. Asset management firm AXA Investment Managers, Inc. has priced $507 million of notes due October 16, 2029 in the Allegro CLO V, Ltd./Allegro CLO V LLC offering.

The Allegro V sold $3 million of class X floating rate notes (//AAA) at Libor plus 100 basis points and $317.50 class A senior secured floating-rate notes (//AAA) at Libor plus 125 bps at the top of the stack.

It also priced four additional floating-rate tranches and a tranche of subordinated notes that were not rated.

Morgan Stanley & Co. LLC arranged the financing for which proceeds will be used to purchase a portfolio of about $500 million primarily senior secured leveraged loans.

New York-based BlueMountain Fuji Management LLC priced $561.35 million of notes due Aug. 20, 2030 in the BlueMountain Fuji CLO II Ltd./BlueMountain Fuji CLO II LLC transaction.

Citigroup was the initial purchaser.

And Chicago-based middle-market finance company Madison Capital Funding LLC priced $301.76 million of notes due October 2029 in its third middle-market CLO deal year to date.

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