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 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.

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

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

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