CLO reprints in focus; Voya prices $417.07 million reset; LCM refinances $277.2 million

By Cristal Cody

Tupelo, Miss., Oct. 24 – Two CLO managers refinanced notes from vintage deals.

Voya Alternative Asset Management LLC priced $417.07 million of notes in a second refinancing of a 2012 CLO. The CLO manager priced the AAA-rated tranche 25 basis points tighter than where it was first refinanced in 2016.

LCM Asset Management LLC refinanced $277.2 million of AAA-rated notes from a vintage 2016 deal.

The class A-1-R notes priced 32 bps better than the level seen in 2016.

About $40 billion of vintage CLOs have been refinanced year to date, market sources report.

Voya refinances 2012-4 notes

Voya Alternative Asset Management priced $417.07 million of notes in a second refinancing of the Voya CLO 2012-4, Ltd./Voya CLO 2012-4 LLC transaction, according to market sources and an issuer’s notice of optional redemption.

The CLO sold $245 million of class A-1-a-R-R floating-rate notes at Libor plus 120 bps at the top of the capital stack.

BNP Paribas Securities Corp. was the refinancing agent.

The maturity on the notes was extended to Oct. 15, 2030 from the refinanced maturity date of Oct. 15, 2028. The CLO originally was due Oct. 15, 2023.

The original CLO was issued Nov. 29, 2012 and was first refinanced on Sept. 22, 2016.

In the first refinancing, the CLO sold $262 million of the class A-1-R floating-rate notes at Libor plus 145 bps. The class A-1 tranche originally priced at Libor plus 139 bps.

Proceeds will be used to redeem the CLO’s outstanding notes on Nov. 5.

Scottsdale, Ariz.-based Voya Alternative Asset Management is an affiliate of New York City-based Voya Investment Management LLC.

LCM refinances XXII CLO

LCM Asset Management priced $277.2 million of notes due Oct. 20, 2028 in a refinancing of one tranche of notes from the vintage 2016 LCM XXII LP/LCM XXII LLC collateralized loan obligation offering, according to market sources.

The CLO sold $277.2 million of class A-1-R floating-rate notes at Libor plus 116 bps.

Natixis Securities Americas LLC was the refinancing placement agent.

In the original $448.6 million offering issued Oct. 20, 2016, the CLO sold $277.2 million of the class A-1 floating-rate notes at Libor plus 148 bps.

Proceeds were used to redeem the original class A-1 notes.

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

LCM Asset Management is a New York City-based asset management firm and a subsidiary of Tetragon Financial Group Ltd.

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