Steele Creek Investment plans manager’s second CLO deal; Voya to refinance 2016 CLO

By Cristal Cody

Tupelo, Miss., July 24 – Two CLO managers plan to tap the primary and refinancing markets.

Steele Creek Investment Management LLC is offering $404.9 million of notes in the manager’s second new CLO deal of 2019.

The Steele Creek CLO 2019-2 Ltd./Steele Creek CLO 2019-2, LLC deal includes $215 million of class A-1 floating-rate notes (/AAA/AAA); $41 million of class A-2 fixed-rate notes (/AAA/AAA); $44 million of class B floating-rate notes (/AA/); $26 million of class C deferrable floating-rate notes (/A/); $24 million of class D deferrable floating-rate notes (/BBB-/); $15 million of class E deferrable floating-rate notes (/BB-/) and $39.9 million of subordinated notes.

Wells Fargo Securities, LLC is the placement agent.

In refinancing activity, Voya Alternative Asset Management LLC plans to reprice $368.1 million of notes from a vintage 2016 CLO.

Meanwhile, Voya Alternative Asset Management plans to price $368.1 million of notes due July 19, 2028 in a refinancing of the Voya CLO 2016-2, Ltd./Voya CLO 2016-2 LLC offering, according to a notice of proposed first supplemental indenture.

Nearly $60 billion of new issue broadly syndicated CLOs and more than $27 billion of vintage CLOs have been brought to the primary and refinancing markets year to date, according to informed sources.

Credit Suisse Securities (USA) LLC is the refinancing placement agent.

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