By Cristal Cody
Tupelo, Miss., Feb. 24 – Voya Alternative Asset Management LLC priced €354.75 million of notes due April 30, 2033 in a new euro-denominated broadly syndicated collateralized loan obligation offering, according to market sources.
Voya Euro CLO III DAC sold €1.5 million of class X floating-rate notes at Euribor plus 35 basis points, €215 million of class A floating-rate notes at Euribor plus 92 bps, €29.5 million of class B-1 floating-rate notes at Euribor plus 165 bps and €10 million of 1.9% class B-2 fixed-rate notes.
The CLO also priced €24 million of class C floating-rate notes at Euribor plus 210 bps, €21 million of class D floating-rate notes at Euribor plus 310 bps, €18 million of class E floating-rate notes at Euribor plus 509 bps, €9 million of class F floating-rate notes at Euribor plus 790 bps and €26.75 million of subordinated notes.
Credit Suisse Securities (Europe) Ltd. was the placement agent.
The deal is collateralized mostly by senior secured leveraged loans and bonds.
The CLO manager priced one euro-denominated CLO in 2019.
Voya Alternative Asset Management is an affiliate of New York City-based Voya Investment Management LLC.
| Issuer: | Voya Euro CLO III DAC
|
| Amount: | €354.75 million
|
| Maturity: | April 30, 2033
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Credit Suisse Securities (Europe) Ltd.
|
| Manager: | Voya Alternative Asset Management LLC
|
| Pricing date: | Feb. 20
|
| Settlement date: | March 31
|
|
|
| Class X notes
|
| Amount: | €1.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 35 bps
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class A notes
|
| Amount: | €215 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 92 bps
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | €29.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 165 bps
|
| Ratings: | S&P: AA
|
| Fitch: AA
|
|
|
| Class B-2 notes
|
| Amount: | €10 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 1.9%
|
| Ratings: | S&P: AA
|
| Fitch: AA
|
|
|
| Class C notes
|
| Amount: | €24 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 210 bps
|
| Ratings: | S&P: A
|
| Fitch: A
|
|
|
| Class D notes
|
| Amount: | €21 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 310 bps
|
| Ratings: | S&P: BBB
|
| Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | €18 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 509 bps
|
| Ratings: | S&P: BB-
|
| Fitch: BB-
|
|
|
| Class F notes
|
| Amount: | €9 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 790 bps
|
| Ratings: | S&P: B-
|
| Fitch: B-
|
|
|
| Equity
|
| Amount: | €26.75 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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