TCW prices $408.6 million new CLO; BlueMountain, NewStar refinance 2015 CLO notes

By Cristal Cody

Tupelo, Miss., April 24 – The U.S. CLO market remains busy with new issuance and refinanced deals.

TCW Group priced $408.6 million of notes in the company’s first CLO deal of the year.

In refinancing activity, BlueMountain Capital Management LLC sold $509.75 million of notes in a reset of a broadly syndicated CLO that priced in late 2015 and settled in January 2016.

In the middle-market space, NewStar Financial, Inc. sold $411.74 million of notes in a refinancing and reset of a 2015 vintage middle-market CLO.

In its deal, TCW Group priced $408.6 million of notes due April 25, 2031 in the new transaction, according to a market source.

TCW CLO 2018-1, Ltd./TCW CLO 2018-1 LLC sold $215 million of class A-1a floating-rate notes at Libor plus 105 basis points at the top of the capital stack.

Natixis Securities Americas LLC was the placement agent.

TCW Group subsidiary TCW Asset Management Co. LLC will manage the CLO.

Meanwhile, BlueMountain Capital Management sold $509.75 million of notes in a refinancing and reset of the BlueMountain CLO 2015-4 Ltd./BlueMountain CLO 2015-4 LLC transaction, according to a market source and a notice of proposed supplemental indenture.

The CLO priced the $300 million of class A-1-R senior secured floating-rate notes at Libor plus 100 bps.

BofA Merrill Lynch was the refinancing placement agent.

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