Chicago, Dec. 9 – Assured Investment Management LLC refinanced and extended for $507.1 million the collateralized loan obligation issued by BlueMountain CLO XXVI Ltd./BlueMountain CLO XXVI LLC, according to a pre-sale report.
The notes will mature on Oct. 20, 2034.
The refinanced CLO consists of $320 million of class A-R senior secured floating-rate notes at Libor plus 121 basis points, $60 million of class B-R senior secured floating-rate notes at Libor plus 178 bps, $30 million of class C-R senior secured deferrable floating-rate notes at Libor plus 220 bps, $25 million of class D-1-R senior secured deferrable floating-rate notes at Libor plus 350 bps, $5 million of class D-2-R senior secured deferrable floating-rate notes at Libor plus 437 bps, $20 million of class E-R senior secured deferrable floating-rate notes at Libor plus 713 bps and $47.1 million of subordinated notes.
The original CLO sold $310 million of class A-1 floating-rate notes at Libor plus 133 bps, $15 million of class A-2 floating-rate notes at Libor plus 165 bps and $55 million of class B floating-rate notes at Libor plus 198 bps.
BlueMountain CLO XXVI also initially priced $30 million of class C deferrable floating-rate notes at Libor plus 290 bps, $18 million of class D-1 deferrable floating-rate notes at Libor plus 425 bps, $12 million of 5.91% class D-2 deferrable fixed-rate notes, $17.5 million of class E deferrable floating-rate notes at Libor plus 770 bps and $47.1 million of subordinated notes.
Assured Investment Management LLC will manage the collateral through the end of the reinvestment period on Oct. 20, 2026.
The collateral for the notes comes from syndicated speculative-grade senior secured term loans.
The notes can be called starting Oct. 20, 2023.
J.P. Morgan Securities LLC was the placement agent.
BlueMountain Capital Management is based in New York City.
| Issuer: | BlueMountain CLO XXVI Ltd./BlueMountain CLO XXVI LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $507.1 million
|
| Maturity: | Oct. 20, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Manager: | Assured Investment Management LLC
|
| Call feature: | Oct. 20, 2023
|
| Settlement date: | Oct. 26
|
|
|
| Class A-R notes
|
| Amount: | $320 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 121 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | $60 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 178 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 220 bps
|
| Rating: | S&P: A
|
|
|
| Class D-1-R notes
|
| Amount: | $25 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 350 bps
|
| Rating: | S&P: BBB
|
|
|
| Class D-2-R notes
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| Amount: | $5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 437 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R notes
|
| Amount: | $20 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 713 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $47.1 million
|
| Securities: | Subordinated notes
|
|
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