BlueMountain prices $504.6 million; Elmwood sells third CLO; Ares, KKR, Chenavari active

By Cristal Cody

Tupelo, Miss., Oct. 30 – Two CLO managers priced new deals in October, while the European refinancing space is heating up.

BlueMountain Capital Management LLC priced $504.6 million of notes in a dollar-denominated deal ahead of its previously reported new euro CLO offering.

Elmwood Asset Management LLC priced a $506.75 million CLO in the manager’s third deal of the year.

Meanwhile, Ares European Loan Management LLP sold €469.05 million of notes in a refinancing and reset of a vintage 2016 CLO.

KKR Credit Advisors (Ireland) Unlimited Co. priced €320 million of notes in a second refinancing of two tranches from a 2014 vintage European CLO.

Also, Chenavari Credit Partners LLP refinanced €248.5 million of notes in three tranches from a 2017 CLO transaction.

BlueMountain prices XXVI

BlueMountain Capital Management priced $504.6 million of notes due Oct. 20, 2032 in the new BlueMountain CLO XXVI Ltd./BlueMountain CLO XXVI LLC offering, according to market sources.

The CLO sold $310 million of class A-1 floating-rate notes at Libor plus 133 basis points at the top of the capital stack.

J.P. Morgan Securities LLC was the placement agent.

BlueMountain Capital Management is based in New York City.

Elmwood prices

Elmwood Asset Management priced $506.75 million of notes due Oct. 15, 2032 in the Elmwood CLO III Ltd. broadly syndicated CLO transaction, according to market sources.

The CLO sold $265 million of the class A-1 floating-rate notes at Libor plus 137 bps.

Morgan Stanley & Co. LLC was the placement agent.

Elwood Asset Management is a New York-based hedge fund created in 2018.

Ares resets CLO

Ares European Loan Management priced €469.05 million of notes in a refinancing and reset of Ares European CLO VIII BV, according to a market source.

Ares European CLO VIII sold €279 million of the class A-R senior secured floating-rate notes at Euribor plus 92 bps.

Barclays arranged the deal.

The maturity on the notes was extended to April 2032 from the February 2030 original due date.

In the original €417 million offering issued Dec. 15, 2016, the CLO sold €218 million of class A-1 senior secured floating-rate notes at par to yield Euribor plus 96 bps and €20 million of 1.1% class A-2 senior secured fixed-rate notes at par.

Ares European Loan Management is an asset management firm based in London.

KKR brings second reprint

KKR Credit Advisors (Ireland) priced $320 million of notes due July 15, 2030 in a second refinancing of two tranches from the 2014 vintage Avoca CLO XI Ltd. deal, according to a market source and a notice to noteholders.

Avoca CLO XI DAC priced €300 million of the class A-R-R senior secured floating-rate notes at Euribor plus 68 bps.

Goldman Sachs International was the refinancing agent.

In the first refinancing issued May 26, 2017, the €465.3 million renamed Avoca CLO XI DAC vehicle priced €300 million of class A-R senior secured floating-rate notes at Euribor plus 89 bps.

The original €518.5 million CLO transaction was issued June 5, 2014. The original CLO sold €275 million of class A senior secured floating-rate notes at Euribor plus 140 bps.

KKR Credit Advisors (Ireland) is a credit investment management firm based in Dublin.

Chenavari reprices notes

Chenavari Credit Partners sold €248.5 million of notes due April 15, 2031 in a refinancing of three tranches from the Toro European CLO 3 DAC transaction, according to a market source and a notice to noteholders on Wednesday.

The CLO priced €211.5 million of the class A-R secured floating-rate notes at Euribor plus 65 bps.

Barclays was the refinancing agent.

In the original €365.35 million transaction issued April 12, 2017, the CLO had priced €211.5 million of class A secured floating-rate notes at par to yield Euribor plus 96 bps.

The CLO is backed primarily by euro-denominated senior secured loans and senior secured bonds.

Chenavari Credit Partners is part of London-based Chenavari Financial Group Ltd.

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