Voya prices $603.4 million CLO; Neuberger raises $502.11 million; CBAM to refinance deal

By Cristal Cody

Tupelo, Miss., Nov. 14 – Voya Alternative Asset Management LLC priced $603.4 million of notes in the manager’s fourth new CLO offering of the year.

The CLO manager also brought four new CLO deals to the market in 2017 and 2018.

In other new issuance, Neuberger Berman Loan Advisers LLC priced a $502.11 million broadly syndicated CLO in its fourth new transaction this year.

Looking at other supply, CBAM CLO Management LLC plans to refinance notes from a $1 billion 2018 CLO deal.

CLO managers have priced about $100 billion of new broadly syndicated CLOs and refinanced about $45 billion of vintage CLOs year to date, according to market sources.

Voya prices CLO 2019-4

Voya Alternative Asset Management priced $603.4 million of notes due January 2033 in the offering, according to market sources.

Voya CLO 2019-4, Ltd./Voya CLO 2019-4 LLC sold $372 million of class A-1 floating-rate notes at Libor plus 134 basis points at the top of the capital stack.

Wells Fargo Securities LLC was the placement agent.

The CLO is collateralized mostly by broadly syndicated first-lien senior secured loans.

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

Neuberger brings CLO 34

Neuberger Berman Loan Advisers priced $502.11 million of notes in its CLO transaction, according to a market source.

Neuberger Berman Loan Advisers CLO 34, Ltd./Neuberger Berman Loan Advisers CLO 34, LLC sold $160 million of the class A-1 floating-rate notes at Libor plus 132 bps.

BNP Paribas Securities Corp. was the placement agent.

The CLO is backed primarily by broadly syndicated first-lien senior secured corporate loans.

Neuberger Berman is a Chicago-based investment management firm and affiliate of Neuberger Berman Group, LLC.

CBAM preps reprint

In the refinancing space, CBAM CLO Management plans to refinance $1,005,300,000 of notes due July 15, 2031 from a 2018 broadly syndicated CLO deal, according to a notice of proposed first supplemental indenture on Wednesday.

The CBAM 2018-6, Ltd./CBAM 2018-6 LLC offering includes class A-R floating-rate notes (expected ratings Aaa//AAA/Kroll: AAA), class B-1-R floating-rate notes (expected ratings Aa2), class B-2-R floating-rate notes (expected ratings Aa2), class C-R floating-rate notes (expected ratings A2), class D-R floating-rate notes (expected ratings Baa3) and class E-R floating-rate notes (expected ratings Ba3).

Morgan Stanley & Co. LLC is the refinancing placement agent.

CBAM CLO Management originally issued $1,005,300,000 of notes in the offering on June 15, 2018.

The New York City-based portfolio company of private investment firm Eldridge Industries priced five CLOs in 2018.

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