Voya prices $707 million in firm’s fourth CLO of year; BlackRock, CVC refinance 2015 CLOs

By Cristal Cody

Eureka Springs, Nov. 22 – New CLO issuance includes a $707 million deal from Voya Alternative Asset Management LLC.

Voya priced the notes in the firm’s fourth new deal of the year.

Refinancing action continues to remain strong ahead of the Dec. 24 effective date for risk retention regulations.

BlackRock Financial Management, Inc. refinanced $489 million of notes in a vintage 2015 CLO.

CVC Credit Partners, LLC refinanced $407 million of notes in a vintage 2015 CLO.

More than $22 billion of CLOs have been refinanced year to date, compared to $10.46 billion of CLOs refinanced in 2015, according to BofA Merrill Lynch.

Voya brings CLO 2016-4

Voya Alternative Asset Management priced $707 million of notes due July 20, 2029 in the new CLO offering, according to a market source.

Voya CLO 2016-4, Ltd./Voya CLO 2016-4 LLC sold $448 million of class A floating-rate notes at Libor plus 146 basis points in the AAA-rated tranche.

Morgan Stanley & Co. LLC was the placement agent.

Proceeds will be used to purchase a portfolio of about $700 million of mostly senior secured leveraged loans.

The deal is backed primarily by broadly syndicated first-lien senior secured loans.

The CLO manager has priced four new CLOs and refinanced two vintage transactions year to date.

The affiliate of New York City-based Voya Investment Management LLC priced three CLOs and refinanced two vintage CLOs in 2015.

BlackRock refinances CLO

BlackRock Financial Management refinanced $489 million of notes due April 15, 2027 in the vintage 2015 CLO, according to a market source.

Magnetite XII, Ltd./Magnetite XII LLC priced $386.4 million of class A-R senior secured floating-rate notes at Libor plus 133 bps in the senior tranche.

Deutsche Bank Securities Inc. arranged the refinancing.

The CLO manager originally priced $608.83 million of notes in seven tranches in the offering on Feb. 6, 2015.

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

BlackRock priced four CLOs and refinanced one vintage CLO in 2015.

The investment management firm is based in New York City.

CVC refinances Apidos XX

CVC Credit Partners refinanced $407 million of notes due Jan. 16, 2027 in the vintage 2015 transaction, according to a market source.

Apidos CLO XX/Apidos CLO XX LLC priced $320 million of class A-1-R senior secured floating-rate notes at Libor plus 133 bps at the top of the capital structure.

Morgan Stanley & Co. LLC arranged the refinancing.

The CLO manager originally sold $509.25 million of notes in seven tranches on Jan. 15, 2015 in the transaction.

CVC Credit Partners has priced two new CLOs and refinanced two vintage CLOs year to date.

The New York-based subsidiary of London-based CVC Capital Partners Ltd. brought three new CLOs and one refinanced CLO to market in 2015.

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