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.

In its deal, 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.

Meanwhile, 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.

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