Voya refinances manager’s second CLO of year; high-grade securitized secondary active

By Cristal Cody

Tupelo, Miss., April 19 – Voya Alternative Asset Management LLC priced $422 million of notes in the CLO manager’s second refinancing of the year.

The deal was a repricing of a vintage 2014 CLO that was first refinanced in 2016.

More than $42 billion of vintage CLOs have been refinanced year to date, according to market sources.

Elsewhere, in the securitized secondary market, trading volume on Wednesday included $274.27 million of high-grade CDO/CBO/CLO issues and $81.13 million of lower-rated securities, according to Trace.

Trading was higher from Tuesday’s session when $99.18 million of investment-grade issues and $74.95 million of lower-rated securities traded.

On Monday, $138.4 million of high-grade CDO/CBO/CLO issues and $38.9 million of non-investment-grade securities were traded.

In its deal, Voya Alternative Asset Management priced $422 million of notes in a reset and second refinancing of a 2016 vintage broadly syndicated CLO, according to a market source and a notice of executed third supplemental indenture on Wednesday.

Voya CLO 2014-1, Ltd./Voya CLO 2014-1 LLC sold $228 million of class A-1A-R2 floating-rate notes at Libor plus 99 bps as the top of the capital structure.

Citigroup Global Markets Inc. arranged the offering.

The maturity on the notes was extended to April 18, 2031 from the first refinanced April 18, 2026 maturity.

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