By Cristal Cody
Tupelo, Miss., Oct. 4 - BlueMountain Capital Management LLC sold $413.25 million of notes due Oct. 29, 2025 in its third collateralized loan obligation offering of 2013, according to an informed source.
BlueMountain CLO 2013-3 Ltd./BlueMountain CLO 2013-3 LLC priced $255.25 million of class A senior secured floating-rate notes (Aaa/AAA/) at Libor plus 140 basis points; $23.25 million of class B-1 senior secured floating-rate notes (/AA/) at Libor plus 185 bps and $15 million of 4.3% class B-2 senior secured fixed-rate notes (/AA/) at the top of the capital structure.
The CLO also sold $37.25 million of class C senior secured deferrable floating-rate notes (/A/) at Libor plus 270 bps; $20.25 million of class D senior secured deferrable floating-rate notes (/BBB/) at Libor plus 350 bps; $18 million of class E senior secured deferrable floating-rate notes (/BB/) at Libor plus 460 bps; $12.75 million of class F senior secured deferrable floating-rate notes (/B/) at Libor plus 550 bps; and $31.5 million of subordinated notes.
Credit Suisse Securities (USA) LLC was the placement agent.
BlueMountain Capital Management will manage the CLO.
The notes have a two-year non-callable period and a four-year reinvestment period.
The CLO securitization is backed by a revolving pool of broadly syndicated senior secured loans.
BlueMountain Capital Management, a private investment company with offices in New York and London, closed on the $428.75 million BlueMountain CLO 2013-2 Ltd./BlueMountain CLO 2013-2 LLC deal in July and the $514.2 million BlueMountain CLO 2013-1 Ltd./BlueMountain CLO 2013-1 LLC transaction in May.
| Issuer: | BlueMountain CLO 2013-3 Ltd./BlueMountain CLO 2013-3 LLC
|
| Amount: | $413.25 million
|
| Maturity: | Oct. 29, 2025
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: Credit Suisse Securities (USA) LLC
|
| Manager: | BlueMountain Capital Management LLC
|
| Call feature: | Oct. 29, 2015
|
| Settlement date: | Oct. 29
|
|
|
| Class A notes
|
| Amount: | $255.25 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 140 bps
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
|
|
| Class B-1 notes
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| Amount: | $23.25 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 185 bps
|
| Rating: | Standard & Poor's: AA
|
|
|
| Class B-2 notes
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| Amount: | $15 million
|
| Securities: | Senior secured fixed-rate notes
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| Coupon: | 4.3%
|
| Rating: | Standard & Poor's: AA
|
|
|
| Class C notes
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| Amount: | $37.25 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 270 bps
|
| Rating: | Standard & Poor's: A
|
|
|
| Class D notes
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| Amount: | $20.25 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 350 bps
|
| Rating: | Standard & Poor's: BBB
|
|
|
| Class E notes
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| Amount: | $18 million
|
| Securities: | Senior secured deferrable floating-rate notes
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| Coupon: | Libor plus 460 bps
|
| Rating: | Standard & Poor's: BB
|
|
|
| Class F notes
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| Amount: | $12.75 million
|
| Securities: | Senior secured deferrable floating-rate notes
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| Coupon: | Libor plus 550 bps
|
| Rating: | Standard & Poor's: B
|
|
|
| Equity tranche
|
| Amount: | $31.5 million
|
| Securities: | Subordinated notes
|
| Rating: | Non-rated
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