By Cristal Cody
Tupelo, Miss., July 11 – Voya Alternative Asset Management LLC sold a $517.5 million collateralized loan obligation offering of notes due July 25, 2026, according to market sources on Friday.
Voya CLO 2014-3, Ltd./Voya CLO 2014-3 LLC priced $320 million of class A-1 floating-rate notes at Libor plus 142 basis points, $53.75 million of class A-2A floating-rate notes at Libor plus 190 bps and $12.5 million of 4.2% class A-2B fixed-rate notes.
Voya sold $23.75 million of class B floating-rate notes at Libor plus 305 bps, $31.25 million of class C floating-rate notes at Libor plus 360 bps, $23 of class D floating-rate notes at Libor plus 500 bps and $8.75 million of class E floating-rate notes at Libor plus 540 bps.
The offering included $44.5 million of subordinated notes in the equity tranche.
BofA Merrill Lynch was the placement agent.
Voya Alternative Asset Management will manage the CLO, which is backed primarily by senior secured loans.
The CLO has a two-year non-call period and a four-year reinvestment period.
Proceeds from the deal will be used to purchase a portfolio of about $500 million of leveraged loans.
The management firm, part of New York City-based Voya Investment Management LLC, brought the $516.5 million Voya CLO 2014-2, Ltd./Voya CLO 2014 LLC deal in May.
| Issuer: | Voya CLO 2014-3, Ltd./Voya CLO 2014-3 LLC
|
| Amount: | $517.5 million
|
| Maturity: | July 25, 2026
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Merrill Lynch
|
| Manager: | Voya Alternative Asset Management LLC
|
| Call feature: | 2016
|
| Pricing date: | July 11
|
| Settlement date: | July 31
|
| Distribution: | Rule 144A
|
|
|
| Class A-1 notes
|
| Amount: | $320 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 142 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class A-2A notes
|
| Amount: | $53.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Ratings: | Non-rated
|
|
|
| Class A-2B notes
|
| Amount: | $12.5 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 4.2%
|
| Ratings: | Non-rated
|
|
|
| Class B notes
|
| Amount: | $23.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 305 bps
|
| Ratings: | Non-rated
|
|
|
| Class C notes
|
| Amount: | $31.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 360 bps
|
| Ratings: | Non-rated
|
|
|
| Class D notes
|
| Amount: | $23 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 500 bps
|
| Ratings: | Non-rated
|
|
|
| Class E notes
|
| Amount: | $8.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 540 bps
|
| Ratings: | Non-rated
|
|
|
| Equity tranche
|
| Amount: | $44.5 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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