Voya prices $611.3 million CLO; Ivy Hill brings middle-market deal; secondary volume light

By Cristal Cody

Tupelo, Miss., May 8 – New deal action is heating up in the CLO market in May with the wave of refinancings beginning to slow, according to market sources on Monday.

Voya Alternative Asset Management LLC priced $611.3 million of notes in the firm’s second new CLO offering of 2017.

Also, Ivy Hill Asset Management LP sold $411.38 of notes in a middle-market CLO transaction.

CLO secondary market volume remains light with spreads unchanged, according to a BofA Merrill Lynch note.

U.S. BWIC volume totaled $190 million over the past week. Spreads were flat with AAA-rated notes trading on Friday unchanged at Libor plus 115 basis points, according to the note.

Also, “there was little secondary market activity for European CLOs this week, and we tracked no bonds on BWIC lists,” the BofA Merrill Lynch analysts said.

Voya prices $611.3 million

Voya Alternative Asset Management sold $611.3 million of notes due June 7, 2030 in the Voya CLO 2017-2, Ltd./Voya CLO 2017-2 LLC deal, according to a market source.

Voya CLO 2017-2 priced $369 million of class A-1 floating-rate notes at Libor plus 121 bps at the top of the capital stack.

Natixis Securities Americas LLC was the placement agent.

Voya Alternative Asset Management will manage the CLO.

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

Voya has priced two new CLOs and refinanced two vintage CLOs year to date.

The CLO manager priced four new CLOs and refinanced two vintage transactions in 2016.

The firm is an affiliate of New York City-based Voya Investment Management LLC.

Ivy Hill sells $381.3 million

Ivy Hill Asset Management sold $411.38 of notes due July 7, 2029 in the Ivy Hill Middle Market Credit Fund XII Ltd./Ivy Hill Middle Market Credit Fund XII LLC transaction, according to a market source.

The CLO priced $159.8 million of class A-1a floating-rate notes at Libor plus 170 bps in the senior tranche.

Natixis Securities America LLC arranged the offering.

Ivy Hill Asset Management will manage the CLO, which is collateralized primarily by middle-market senior secured term loans.

Ivy Hill Asset Management is a New York-based subsidiary of Ares Capital Corp.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.