CLO primary thins; Voya Alternative Asset Management in pipeline with third deal

By Cristal Cody

Tupelo, Miss., Aug. 28 – CLO market activity remains light while volume is expected to rise after the Labor Day holiday.

More than $82 billion of broadly syndicated and middle market CLOs have priced in the U.S. markets year to date, according to data compiled by Prospect News.

Looking to new deals, Voya Alternative Asset Management LLC plans to price $809.55 million of notes due Oct. 20, 2027 in the Voya CLO 2015-3, Ltd./Voya CLO 2015-3 LLC transaction, according to a market source.

The deal includes $468.4 million of class A-1a floating-rate notes (//AAA); $50 million of class A-1 loans (//AAA); $89.4 million of class A-2 floating-rate notes; $31.15 million of class B floating-rate notes; $56.6 million of class C floating-rate notes; $5.3 million of class D-1 floating-rate notes; $35.6 million of class D-2 floating-rate notes; $16.4 million of class E floating-rate notes and $56.7 million of subordinated notes.

Citigroup Global Markets Inc. is the placement agent.

Voya Alternative Asset Management will manage the CLO.

The CLO has a two-year non-call period and a five-year reinvestment period.

The deal is backed primarily by broadly syndicated senior secured corporate loans.

Proceeds will be used to purchase a portfolio of about $800 million of mainly senior secured leveraged loans.

Voya Alternative Asset Management has priced two CLO deals year to date.

The affiliate of New York City-based Voya Investment Management LLC brought four CLO deals in 2014.

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