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BlueMountain prices $505.45 million CLO; CSAM prices manager’s fourth CLO deal of year
By Cristal Cody
Tupelo, Miss., June 4 – In new CLO primary market action, BlueMountain Capital Management LLC priced $505.45 million of notes in the manager’s second new dollar-denominated offering of 2019.
In addition, Credit Suisse Asset Management, LLC sold $549.4 million of fixed-rate notes in the manager’s fourth new issue CLO deal of the year.
Year to date, more than $50 billion of new broadly syndicated CLOs have priced, according to market sources.
BlueMountain prints CLO
BlueMountain Capital Management priced $505.45 million of notes at par in the new BlueMountain CLO XXV Ltd./BlueMountain CLO XXV LLC broadly syndicated CLO offering, according to a market source.
At the top of the capital stack, the CLO sold $300 million of class A-1 floating-rate notes at Libor plus 134 basis points and $16.25 million of class A-2 floating-rate notes at Libor plus 165 bps.
Barclays was the deal arranger.
BlueMountain Capital Management is based in New York City.
CSAM sells $549.4 million
Credit Suisse Asset Management sold $549.4 million of notes in a new CLO transaction, according to a market source.
One Eleven Funding III Ltd. priced $251 million of the class A-1 fixed-rate notes at par to yield 4.25% and $71.5 million of the class A-2 fixed-rate notes at par to yield 4.9%.
Citigroup Global Markets Inc. was the placement agent.
Credit Suisse Asset Management priced a CLO in the One Eleven Funding series in 2017 and in 2018.
The CLO manager has priced four new dollar-denominated CLOs and refinanced one vintage CLO transaction year to date.
Credit Suisse Asset Management is a unit of Credit Suisse Group AG.
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