Citigroup has  priced a $311.5 million CLO for Silvermine Capital Management, according to market sources.

The CLO, which is the asset manager’s second deal this year, is structured as follows:

The 12-year deal has a four-year reinvestment period. The deal, in part, refinances an existing market-value CLO, sources said.

You can read about how CLOs work, here.

Including Silvermine’s deal, year-to-date CLO issuance rises to about $13.8 billion, which compares with about $2.6 billion during the same period last year and $12.3 billion in all of 2011. – Kerry Kantin