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.

Voya resets 2014 CLO

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.

In the original offering issued March 13, 2014, the CLO had sold $297 million of the class A-1 floating-rate notes at Libor plus 115 bps.

The CLO was first refinanced Nov. 22, 2016 in a $328 million reissue. In that deal, the CLO sold $256 million of the class A-1-R floating-rate notes at Libor plus 133 bps.

Proceeds were used to redeem the original and first refinancing notes.

Voya has priced one new dollar-denominated CLO and refinanced two vintage CLOs year to date.

The CLO manager brought four new CLOs and three refinancing deals to the market in 2017.

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

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