By Rebecca Melvin
New York, Aug. 26 – Mountain View CLO 2014-1 Ltd./Mountain View CLO 2014-1 Corp. has raised $518.5 million in a collateralized loan obligation offering of notes due 2026, according to a market source.
The CLO priced $3 million of class X floating-rate notes (/AAA/) at Libor plus 100 basis points; $316.75 million of class A floating-rate notes (/AAA/) at Libor plus 151 bps; $47.25 million of class B floating-rate notes (/AA/) at Libor plus 254 bps; $48 million of class C deferrable floating-rate notes (/A/) at Libor plus 325 bps; $25.5 million of class D deferrable floating-rate notes (/BBB/) at Libor plus 375 bps; $22.5 million of class E deferrable floating-rate notes (/BB-/) at Libor plus 533 bps; $8 million of class F deferrable floating-rate notes (/B-/) at Libor plus 580 bps; and $47.5 million of subordinated notes.
Morgan Stanley & Co. LLC was the placement agent.
BlueMountain Capital Management LLC is the CLO manager.
The CLO will have a two-year non-call period and a four-year reinvestment period.
BlueMountain is a New York-based private investment firm. The cash-flow CLO is backed by broadly syndicated senior secured loans.
| Issuer: | Mountain View CLO 2014-1 Ltd./Mountain View CLO 2014-1 Corp.
|
| Amount: | $518.5 million
|
| Maturity: | 2026
|
| Securities: | Floating-rate notes
|
| Structure: | Cash-flow CLO
|
| Placement agent: | Morgan Stanley & Co. LLC
|
| Manager: | BlueMountain Capital Management LLC
|
| Call feature: | Two years
|
| Settlement date: | Sept. 15
|
|
|
| Class X notes
|
| Amount: | $3 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 100 bps
|
| Rating: | Standard & Poor’s: AAA
|
|
|
| Class A notes
|
| Amount: | $316.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 151 bps
|
| Rating: | Standard & Poor's: AAA
|
|
|
| Class B notes
|
| Amount: | $47.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Ratings: | Non-rated
|
|
|
| Class C notes
|
| Amount: | $48 million
|
| Securities: | Deferable floating-rate notes
|
| Coupon: | Libor plus 325 bps
|
| Rating: | Standard & Poor’s: A
|
|
|
| Class D notes
|
| Amount: | $25.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 375 bps
|
| Rating: | Standard & Poor’s: BBB
|
|
|
| Class E notes
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| Amount: | $22.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 580 bps
|
| Rating: | Standard & Poor’s: BB-
|
|
|
| Class F notes
|
| Amount: | $8 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 580 bps
|
| Rating: | Standard & Poor’s: B-
|
|
|
| Subordinated notes
|
| Amount: | $47.5 million
|
| Ratings: | Non-rated
|
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