New York Life, BlueMountain, Oak Hill price CLOs; Cerberus affiliate in deal pipeline

By Cristal Cody

Tupelo, Miss., June 5 – CLO primary activity is finishing the first week of June off on a strong start with new issuance from BlueMountain Capital Management LLC, New York Life Insurance Co. and Oak Hill Advisors, LP, according to market sources on Thursday.

“They know they need to get it done while the market interest is there,” a source said.

BlueMountain Capital Management sold $554.75 million of notes due July 20, 2026 in the BlueMountain CLO 2014-2 Ltd./BlueMountain CLO 2014-2 LLC deal and placed the AAA-rated tranche at Libor plus 145.5 basis points, according to an informed source.

J.P. Morgan Securities LLC arranged the offering.

BlueMountain Capital Management will manage the CLO.

The transaction is backed by broadly syndicated senior secured corporate loans.

A New York Life Insurance affiliate priced a $412.5 million deal on Thursday and placed the AAA tranche at Libor plus 140 bps, on the tight side of recent issuance, sources said.

Oak Hill Advisors was in the primary market with the $777 million OHA Credit Partners X, Ltd./OHA Credit Partners X, Inc. deal, according to a market source.

The OHA CLO priced the AAA notes at Libor plus 147 bps.

Coming up in the pipeline, an affiliate of middle market lender Cerberus Capital Management, LP plans to price a $145 million CLO transaction, according to a market source.

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