BlueMountain Capital Management LLC is in the market with a $361 million collateralized loan obligation.

BlueMountain CLO 2011-1 includes a $228 million piece rated AAA by Standard & Poor’s, according to a July 8 presale report. It has an interest rate of Libor plus 120 basis points.

The deal also includes a $34 million piece rated AA with an interest rate of Libor plus 200 bps; a $28 million slice rated 'A' with an interest rate of Libor plus 300 basis points; a $17 million portion rated 'BBB' with an interest rate of Libor plus 400 basis points, a $15 million segment with a BB rating and an interest rate of Libor plus 575 basis points; and $39 million of unrated subordinated notes.

The presale report does not identify the arranger, but a person familiar with the transaction said it is Bank of America.

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