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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