By Cristal Cody
Tupelo, Miss., Oct. 30 – BlueMountain Capital Management LLC priced $504.6 million of notes due Oct. 20, 2032 in the new BlueMountain CLO XXVI Ltd./BlueMountain CLO XXVI LLC broadly syndicated collateralized loan obligation offering, according to market sources.
The CLO sold $310 million of class A-1 floating-rate notes at Libor plus 133 basis points, $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 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.
J.P. Morgan Securities LLC was the placement agent.
The CLO has a two-year non-call period and a five-year reinvestment period.
The offering is collateralized mostly by broadly syndicated senior secured loans.
BlueMountain Capital Management is based in New York City.
| Issuer: | BlueMountain CLO XXVI Ltd./BlueMountain CLO XXVI LLC
|
| Amount: | $504.6 million
|
| Securities: | Floating-rate and subordinated notes
|
| Maturity: | Oct. 20, 2032
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Manager: | BlueMountain Capital Management LLC
|
| Call feature: | Two years
|
| Pricing date: | Oct. 23
|
| Settlement date: | Nov. 22
|
|
|
| Class A-1 notes
|
| Amount: | $310 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 133 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $15 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $55 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 198 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $30 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 290 bps
|
| Rating: | S&P: A
|
|
|
| Class D-1 notes
|
| Amount: | $18 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 425 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class D-2 notes
|
| Amount: | $12 million
|
| Securities: | Deferrable fixed-rate notes
|
| Coupon: | 5.91%
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $17.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 770 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $47.1 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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