CLO issuance picks up; Crescent Capital prices $411 million; Voya refinances 2014 notes

By Cristal Cody

Eureka Springs, Ark., Nov. 8 – Year-to-date new issue CLO volume rose to more than $90 billion and refinancings to more than $18 billion following two more deals, according to market sources.

Crescent Capital Group LP priced a new $411 million CLO in its first new deal of the year.

Voya Alternative Asset Management LLC refinanced $328 million of vintage 2014 CLO notes.

In the secondary market on Monday, $346.45 million of high-grade CBO/CDO/CLO issues and $269.21 million of non-investment-grade securities were traded, according to Trace.

Crescent Capital prices

Crescent Capital Group sold $411 million of notes due Nov. 30, 2028 in its CLO transaction, according to a market source.

Atlas Senior Loan Fund VII, Ltd. priced $248 million of class A senior secured floating-rate notes at Libor plus 150 basis points at the top of the capital structure.

Morgan Stanley & Co. LLC arranged the deal.

The transaction is collateralized primarily by first-lien senior secured corporate loans.

Crescent Capital has priced one new CLO and refinanced two vintage CLOs year to date.

The alternative asset management firm is based in Los Angeles.

Voya refinances $328 million

Voya Alternative Asset Management refinanced $328 million of vintage 2014 notes due April 20, 2026 at par, according to a market source.

Voya CLO 2014-1, Ltd./Voya CLO 2014-1 LLC priced $256 million of class A-1-R floating-rate notes at Libor plus 133 bps in the AAA-rated tranche.

Mizuho Securities USA Inc. was the refinancing agent.

The CLO manager has priced three 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 CLO deals in 2015.

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