Chicago, Feb. 24 – Assured Investment Management, LLC priced €357.4 million of notes in the new BlueMountain EUR 2021-1 CLO DAC collateralized loan obligation offering due April 17, 2034, according to a market source.
The portfolio includes €217 million of class A senior secured floating-rate notes at Euribor plus 83 basis points and €35 million of class B senior secured floating-rate notes at Euribor plus 135 bps.
Also included are €22.8 million of class C deferrable mezzanine floating-rate notes at Euribor plus 205 bps, €23.6 million of class D deferrable mezzanine floating-rate notes at Euribor plus 320 bps, €16.6 million of class E deferrable junior floating-rate notes at Euribor plus 541 bps and €10.5 million of class F deferrable junior floating-rate notes at Euribor plus 776 bps.
There are also €31.9 million of subordinated notes.
Assured Investment Management will manage the portfolio during the 4.3-year reinvestment period.
Barclays is the underwriter.
Collateral is primarily senior secured obligations.
The CLO will likely be 96% ramped at closing.
Assured Investment Management is the New York-based institutional asset management business of Assured Guaranty.
| Issuer: | BlueMountain EUR 2021-1 CLO DAC
|
| Amount: | €357.4 million
|
| Maturity: | April 17, 2034
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays
|
| Manager: | Assured Investment Management, LLC
|
| Pricing date: | Feb. 24
|
| Settlement date: | March 26
|
|
|
| Class A notes
|
| Amount: | €217 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 83 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class B notes
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| Amount: | €35 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 135 bps
|
| Rating: | Moody's: Aa2
|
|
|
| Class C notes
|
| Amount: | €22.8 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | Euribor plus 205 bps
|
| Rating: | Moody's: A2
|
|
|
| Class D notes
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| Amount: | €23.6 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | Euribor plus 320 bps
|
| Rating: | Moody's: Baa3
|
|
|
| Class E notes
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| Amount: | €16.6 million
|
| Securities: | Deferrable junior floating-rate notes
|
| Coupon: | Euribor plus 541 bps
|
| Rating: | Moody's: Ba3
|
|
|
| Class F notes
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| Amount: | €10.5 million
|
| Securities: | Deferrable junior floating-rate notes
|
| Coupon: | Euribor plus 776 bps
|
| Rating: | Moody's: B3
|
|
|
| Subordinated notes
|
| Amount: | €31.9 million
|
| Securities: | Subordinated notes
|
|
|
|
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