Guggenheim prices $877.1 million CLO; Voya, TIAA sell CLOs; Angelo, Gordon, BNP refinance

By Cristal Cody

Tupelo, Miss., March 21 – While refinancing action remains strong in the CLO space, new deals are getting done, according to details from market sources.

Guggenheim Partners Investment Management LLC priced $877.1 million of notes in the new Mercer Fields II CLO LP offering.

Voya Alternative Asset Management LLC priced $513 million of notes in a new deal.

Also, TIAA Advisory Services LLC priced $454.85 million of notes in a new CLO transaction.

CLO managers have priced about $14 billion of new CLOs year to date, according to market sources.

In the refinancing space, Angelo, Gordon & Co., LP refinanced $493.8 million of notes from a vintage CLO.

BNP Paribas Asset Management SAS refinanced €247.5 million of notes in a euro-denominated CLO.

Year to date, about €5 billion of European CLOs and $36 billion of U.S. CLOs have been refinanced, according to J.P. Morgan Securities LLC.

Guggenheim prices CLO

Guggenheim Partners Investment Management priced $877.1 million of notes in the Mercer Fields II CLO offering via Citigroup Global Markets Inc., according to a market source.

The CLO sold $560 million class A-1 floating-rate notes at Libor plus 133 basis points at the top of the capital structure.

The investment management firm and subsidiary of Guggenheim Partners, LLC is based in Santa Monica, Calif.

Voya brings $513 million CLO

Voya Alternative Asset Management priced $513 million of notes due April 17, 2030 in a new CLO offering, according to a market source.

Voya CLO 2017-1, Ltd./Voya CLO 2017-1 LLC sold $320 million of class A floating-rate notes at Libor plus 125 bps in the senior tranche.

Natixis Securities Americas LLC was the placement agent.

Voya Alternative Asset Management will manage the CLO.

The CLO manager priced four new CLOs and refinanced two vintage transactions in 2016.

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

TIAA places CLO II

TIAA Advisory Services priced $454.85 million of notes due April 20, 2029 in a new broadly syndicated CLO offering, a market source said.

TIAA CLO II Ltd./TIAA CLO II LLC sold $285.75 million of class A floating-rate notes at par to yield Libor plus 128 bps in the AAA-rated tranche.

Wells Fargo Securities LLC was the placement agent.

The transaction is collateralized primarily by senior secured loans, with the majority of loan issuers based in the United States or Canada.

The New York-based financial services company is a subsidiary of TIAA Global Asset Management.

Angelo, Gordon refinances

Angelo, Gordon & Co. refinanced $493.8 million of notes due April 15, 2025 from a vintage 2014 CLO deal, according to a market source and a notice of revised proposed supplemental indenture.

Northwoods Capital XI, Ltd./Northwoods Capital XI, LLC priced $376.2 million of floating-rate notes at Libor plus 119 bps in the class A-R tranche.

Goldman Sachs & Co. arranged the transaction.

Proceeds will be used to redeem the original notes.

Angelo, Gordon is an alternative investment manager based in New York.

BNP refinances euro CLO

BNP Paribas Asset Management refinanced €247.5 million of fixed- and floating-rate notes due April 15, 2028 from a 2015 CLO deal, according to a market source.

BNPP IP CLO 2015-I BV sold €176.24 million of class A-1R senior secured floating-rate notes at par to yield Euribor plus 78 bps at the top of the capital stack being refinanced.

In the original transaction priced on March 24, 2015, the CLO sold €176,236,000 of class A-1 senior secured floating-rate notes at Euribor plus 135 bps.

Citigroup Global Markets Inc. was the refinancing agent.

Proceeds will be used to redeem the original class A, B, C and D notes.

BNP Paribas Asset Management is a Paris-based subsidiary of BNP Paribas Investment Partners.

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