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Published on 3/22/2017 in the Prospect News CLO Daily.

New Issue: Invesco Senior Secured Management refinances $484.3 million A Voce CLO notes

By Cristal Cody

Tupelo, Miss., March 22 – Invesco Senior Secured Management, Inc. refinanced $484.3 million of notes due July 15, 2026 at par in three tranches from the vintage 2014 A Voce CLO, Ltd./A Voce CLO LLC transaction, according to a market source.

The CLO priced $386.4 million of class A-1-R floating-rate notes at Libor plus 116 basis points, $69.1 million of class A-2-R floating-rate notes at Libor plus 155 bps and $28.8 million of class B-R floating-rate notes at Libor plus 215 bps.

Barclays was the refinancing agent.

Invesco will continue to manage the CLO.

In the original transaction priced on June 11, 2014, A Voce CLO sold $194 million of class A-1A senior secured floating-rate notes at Libor plus 145 bps; $192.4 million of class A-1B senior secured floating-rate notes at Libor plus 146 bps; $64.1 million of class A-2A senior secured floating-rate notes at Libor plus 200 bps; $5 million of 4.294% class A-2B senior secured fixed-rate notes; $28.8 million of class B deferrable floating-rate notes at Libor plus 290 bps; $33.7 million of class C deferrable floating-rate notes at Libor plus 350 bps; $34.2 million of class D deferrable floating-rate notes at Libor plus 480 bps; $5.1 million of class E deferrable floating-rate notes at Libor plus 550 bps and $60.55 million of subordinated notes.

Invesco Senior Secured Management is a subsidiary of Atlanta-based Invesco, Ltd.

Issuer:A Voce CLO, Ltd./A Voce CLO LLC
Amount:$484.3 million refinancing
Maturity:July 15, 2026
Securities:Floating-rate notes
Structure:Cash flow CLO
Refinancing agent:Barclays
Manager:Invesco Senior Secured Management, Inc.
Pricing date:March 16
Class A-1-R notes
Amount:$386.4 million
Coupon:Libor plus 116 bps
Price:Par
Ratings:Moody’s: Aaa expected
Fitch: AAA expected
Class A-2-R notes
Amount:$69.1 million
Coupon:Libor plus 155 bps
Price:Par
Rating:Moody’s: Aa2 expected
Class B-R notes
Amount:$28.8 million
Coupon:Libor plus 215 bps
Price:Par
Rating:Moody’s: A2 expected

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