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Voya prices 356.3 million new CLO; GLG brings 412.2 million reset; euro volume strong
By Cristal Cody
Tupelo, Miss., April 6 The European CLO deal market remains busy with details out on a new issuance and a refinancing transaction.
Voya Alternative Asset Management LLC tapped the primary market with a 356.3 million new CLO.
GLG Partners LP priced a 412.2 million offering in a refinancing and renaming of a 2015 European CLO.
More than 6 billion of new euro CLOs have priced year to date. Euro-denominated deal volume posted the highest first quarter issuance since the financial crisis of 6.2 billion, according to Wells Fargo Securities LLC.
In addition to the new supply, nearly 3 billion of CLO notes have been refinanced so far in 2018, according to BofA Merrill Lynch.
Voya brings Euro CLO I
In Voya Alternative Asset Managements offering, the CLO manager priced 356.3 million of notes due April 19, 2031, according to a market source.
Voya Euro CLO I DAC sold $203 million of class A senior secured floating-rate notes at Libor plus 75 basis points in the senior tranche.
Credit Suisse Securities (Europe) Ltd. arranged the offering.
Voya Alternative Asset Management is an affiliate of New York City-based Voya Investment Management LLC.
GLG prices 412.2 million
GLG Partners priced 412.2 million of notes in the renamed Man GLG Euro CLO I DAC deal, according to a market source.
Man GLG Euro CLO I sold the 219 million tranche of class A-1 senior secured floating-rate notes at Euribor plus 74 bps.
Morgan Stanley & Co. International plc arranged the deal.
The maturity on the notes was extended to 2030 from the original May 1, 2028 maturity.
In the original 309.2 million GLG Euro CLO I Ltd. offering issued on April 29, 2015, the CLO sold 181 million of class A-1 senior secured floating-rate notes at Euribor plus 135 bps.
The GLG Euro CLO I notes were refinanced July 17, 2017.
Proceeds will be used to redeem the existing notes.
GLG Partners is an alternative asset manager based in London.
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