By Cristal Cody
Tupelo, Miss., June 24 – Voya Alternative Asset Management LLC priced $298.55 million of notes due July 16, 2031 in a new broadly syndicated collateralized loan obligation offering, according to market sources.
Voya CLO 2020-1, Ltd./Voya CLO 2020-1 LLC sold $185 million of class A floating-rate notes at Libor plus 170 basis points, $34 million of class B-1 floating-rate notes at Libor plus 220 bps and $7 million of 2.66% class B-2 fixed-rate notes.
The CLO priced $17 million of class C floating-rate notes at Libor plus 250 bps, $17 million of class D floating-rate notes at Libor plus 425 bps, $9.75 million of class E floating-rate notes at Libor plus 755 bps and $28.8 million of subordinated notes.
Credit Suisse Securities (USA) LLC 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.
The deal is the manager’s first new issue dollar-denominated CLO deal of the year. Voya has priced a European CLO and one vintage dollar-denominated refinancing year to date.
Voya priced 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 2020-1, Ltd./Voya CLO 2020-1 LLC
|
| Amount: | $298.55 million
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Maturity: | July 16, 2031
|
| Structure: | Cash flow CLO
|
| Placement agent: | Credit Suisse Securities (USA) LLC
|
| Manager: | Voya Alternative Asset Management LLC
|
| Call feature: | One year
|
| Pricing date: | June 12
|
| Settlement date: | June 26
|
|
|
| Class A notes
|
| Amount: | $185 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $34 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 220 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-2 notes
|
| Amount: | $7 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 2.66%
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $17 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 250 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
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| Amount: | $17 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 425 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $9.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 755 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $28.8 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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