American Money, BlueMountain price CLOs; GoldenTree, CSAM refinance; secondary active

By Cristal Cody

Eureka Springs, Ark., Oct. 12 – New issue and refinancing action continues to keep a steady pace in the CLO market ahead of the December activation for risk retention rules.

American Money Management Corp. raised $459.86 million in the firm’s second new CLO deal of the year.

BlueMountain Capital Management LLC returned to the primary market for the third time in 2016 with a $480.11 million offering.

In refinancing activity, GoldenTree Asset Management LP refinanced $518.8 million of notes in a vintage 2014 CLO.

Also, Credit Suisse Asset Management, LLC refinanced $460 million of notes in a vintage 2012 CLO.

In the securitized secondary market on Tuesday, $172.9 million in 29 high-grade CBO/CDO/CLO issues and $260.4 million in 32 non-investment-grade securities were traded, according to Trace.

BlueMountain brings CLO

BlueMountain Capital Management sold $480.11 million of notes due Nov. 15, 2027 in the BlueMountain CLO 2016-3 Ltd./BlueMountain CLO 2016-3 LLC transaction, according to a market source.

The CLO priced $294.5 million of class A senior secured floating-rate notes (Aaa/AAA) at Libor plus 143 basis points.

Barclays was the placement agent.

The deal is backed primarily by broadly syndicated senior secured corporate loans.

BlueMountain Capital Management has priced three CLOs year to date.

The New York City-based management firm was in the primary market in 2015 with four U.S. CLO deals.

American Money prices

American Money Management priced $459.86 million of notes due Oct. 15, 2028 in a collateralized loan obligation offering, according to a market source.

AMMC CLO 19, Ltd./AMMC CLO 19 Corp. sold $288 million of class A floating-rate notes at Libor plus 150 bps at the top of the capital structure.

MUFG arranged the deal.

The offering is backed primarily by broadly syndicated senior secured corporate loans.

American Money Management has priced two new CLOs and refinanced one vintage transaction year to date.

The firm priced two CLO deals in 2015.

The Cincinnati-based firm is a subsidiary of insurance holding company American Financial Group, Inc.

GoldenTree refinances

GoldenTree Asset Management refinanced $518.8 million of notes due Oct. 29, 2026 in a vintage 2014 CLO deal, according to a market source.

GoldenTree Loan Opportunities IX Ltd./GoldenTree Loan Opportunities IX, LLC priced $409.5 million of class A-R senior secured floating-rate notes at Libor plus 137 bps in the AAA-rated tranche.

Citigroup Global Markets Inc. arranged the refinancing.

The firm originally sold $667.75 million of notes in the deal on Oct. 3, 2014. The deal’s original class D, E and F notes were not refinanced.

The transaction is backed mainly by first-lien senior secured loans.

In addition to the refinancing, GoldenTree Asset Management has priced one U.S. CLO deal and one euro-denominated CLO offering year to date.

The New York City-based private investment firm brought two U.S. CLO deals in 2015.

CSAM refinances Atrium VIII

Credit Suisse Asset Management priced a $460 million refinancing of a vintage 2012 broadly syndicated CLO deal, according to a market source.

Atrium VIII/Atrium VIII LLC placed $158 million of class A-R floating-rate notes at Libor plus 135 bps in the senior slice.

Credit Suisse Securities (USA) LLC was the refinancing agent.

The maturity on the refinanced notes was extended by two years to Oct. 23, 2024.

Proceeds from the refinancing will be used to redeem the original notes.

The original deal also includes $56.3 million of subordinated notes as equity.

Credit Suisse Asset Management has priced three U.S. CLO deals and brought one CLO refinancing transaction year to date.

The New York-based firm is a unit of Credit Suisse Group AG.

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