ING Alternative Asset Management eyes $516.6 million CLO offering

By Cristal Cody

Tupelo, Miss., May 1 - ING Alternative Asset Management LLC intends to price $516.6 million of notes due 2026 in a collateralized loan obligation deal, according to a market source.

Voya CLO 2014-2, Ltd./Voya CLO 2014 LLC intends to offer $320 million of class A-1 floating-rate notes (//AAA) that are talked to price at Libor plus 145 basis points.

The deal also includes $57.3 million of class A-2 floating-rate notes, $25 million of class B floating-rate notes, $32.8 million of class C floating-rate notes, $28.4 million of class D floating-rate notes, $5 million of class E floating-rate notes and $48.1 million of subordinated notes.

J.P. Morgan Securities LLC is the placement agent.

ING Alternative Asset Management will manage the CLO.

The CLO is secured primarily by senior secured corporate loans.

Proceeds from the offering will be used to purchase a portfolio of about $500 million of leveraged loans.

The CLO will have a two-year non-call period and a four-year reinvestment period.

New York City-based ING Alternative Asset Management sold $326.5 million in the refinancing of the ING IM CLO 2012-1, Ltd. deal on March 6 and priced the $412.85 million ING IM CLO 2014-1, Ltd./ING IM CLO 2014-1 LLC transaction on Feb. 5.

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