Spire prices; Voya brings $612.5 million CLO; Invesco places AAAs at Libor plus 151 bps

By Cristal Cody

Tupelo, Miss., March 4 – Spire Partners, LLP tapped the European CLO market with a €308.77 million deal, bringing year to date euro-denominated issuance to €2.3 billion from six deals, according to a market source and data compiled by Prospect News.

The Spire CLO priced the AAA-rated tranche of notes at Euribor plus 130 basis points.

CLO managers are forecast to bring €20 billion to €25 billion of issuance in 2015.

In the U.S. market, Voya Alternative Asset Management LLC brought a $612.5 million offering and placed the AAA notes at Libor plus 148 bps, according to a source.

Details also emerged for Invesco Senior Secured Management, Inc.’s upsized $618 million Betony CLO Ltd./Betony CLO LLC offering. The CLO priced the AAA tranche at Libor plus 151 bps, a market source said.

More than $15 billion of CLOs have priced year to date, according to the data.

Spire taps Europe

Spire Partners sold €308.77 million of notes due April 26, 2029 in a seven-part euro-denominated CLO deal, according to a market source.

Aurium CLO I Ltd. priced €179.5 million of class A senior secured floating-rate notes at Euribor plus 130 bps at the top of the capital structure.

The CLO sold $10.75 million of class F senior secured deferrable floating-rate notes at Euribor plus 665 bps at the bottom of the capital stack.

Deutsche Bank AG, London Branch arranged the offering.

The transaction is backed primarily by euro-denominated broadly syndicated speculative-grade senior secured loans.

Spire Partners is a London-based management firm that focuses on European non-investment grade credit.

Voya prices $612.5 million

Voya Alternative Asset Management priced $612.5 million of notes due April 18, 2027 in a seven-part offering, according to a market source.

Voya CLO 2015-1, Ltd./Voya CLO 2015-1 LLC sold $390 million of class A-1 floating-rate notes at Libor plus 148 bps at the top of the structure.

At the bottom of the stack, the CLO placed $13.75 million of class E deferrable floating-rate notes at Libor plus 650 bps.

Credit Suisse Securities (USA) LLC was the placement agent.

The transaction is backed primarily by first-lien senior secured loans and eligible investments.

Voya Alternative Asset Management was in the primary market in 2014 with four CLO deals.

The management firm is part of New York City-based Voya Investment Management LLC.

Invesco upsizes

Invesco Senior Secured Management sold $618 million of notes due April 15, 2027 in the eight-tranche Betony CLO transaction, according to a market source.

The CLO priced $384 million of class A senior secured floating-rate notes at Libor plus 151 bps and, lower in the structure, sold $9.5 million of class F deferrable floating-rate notes at Libor plus 670 bps.

The deal was upsized from $515.5 million.

Morgan Stanley & Co. LLC was the placement agent.

The CLO is secured mainly by broadly syndicated first-lien senior secured loans and eligible investments.

Invesco Senior Secured Management, a subsidiary of Atlanta-based Invesco, Ltd., priced two CLO transactions in 2014.

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