By Cristal Cody
Tupelo, Miss., Nov. 2 – Voya Alternative Asset Management LLC priced $400.7 million of notes due Oct. 20, 2031 in eight tranches in a new issue broadly syndicated collateralized loan obligation offering, according to market sources.
Voya CLO 2020-3, Ltd./Voya CLO 2020-3 LLC sold $4 million of class X floating-rate notes at Libor plus 65 basis points, $221 million of class A-1 floating-rate notes at Libor plus 130 bps, $31 million of 1.59% class A-2 fixed-rate notes and $52 million of class B floating-rate notes at Libor plus 170 bps.
The CLO priced $24 million of class C deferrable floating-rate notes at Libor plus 240 bps, $24 million of class D deferrable floating-rate notes at Libor plus 395 bps, $12 million of class E deferrable floating-rate notes at Libor plus 628 bps and $32.7 million of subordinated notes.
Citigroup Global Markets Inc. was the placement agent.
The CLO has a one-year non-call period and a three-year reinvestment period.
The offering is collateralized mostly by broadly syndicated first lien senior secured loans.
Voya has priced three new dollar-denominated CLOs, as well as a new European CLO, year to date.
The CLO manager sold four new dollar-denominated CLOs and one euro-denominated CLO in 2019.
The firm is an affiliate of New York City-based Voya Investment Management LLC.
Issuer: | Voya CLO 2020-3, Ltd./Voya CLO 2020-3 LLC
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Amount: | $400.7 million
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Securities: | Fixed-rate, floating-rate and subordinated notes
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Maturity: | Oct. 20, 2031
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Structure: | Cash flow CLO
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Placement agent: | Citigroup Global Markets Inc.
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Manager: | Voya Alternative Asset Management LLC
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Call feature: | One year
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Settlement date: | Nov. 6
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Class X notes
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Amount: | $4 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 65 bps
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Ratings: | S&P: AAA
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Class A-1 notes
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Amount: | $221 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 130 bps
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Ratings: | S&P: AAA
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Class A-2 notes
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Amount: | $31 million
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Securities: | Fixed-rate notes
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Coupon: | 1.59%
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Ratings: | S&P: AAA
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Class B notes
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Amount: | $52 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 170 bps
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Ratings: | S&P: AA
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Class C notes
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Amount: | $24 million
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Securities: | Deferrable floating-rate notes
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Coupon: | Libor plus 240 bps
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Ratings: | S&P: A
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Class D notes
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Amount: | $24 million
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Securities: | Deferrable floating-rate notes
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Coupon: | Libor plus 395 bps
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Ratings: | S&P: BBB-
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Class E notes
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Amount: | $12 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 628 bps
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Ratings: | S&P: BB-
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Equity
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Amount: | $32.7 million
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Securities: | Subordinated notes
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Ratings: | Non-rated
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