By Cristal Cody
Tupelo, Miss., Nov. 12 – Voya Alternative Asset Management LLC priced $607 million of notes due Oct. 14, 2026 in a collateralized loan obligation offering, according to a market source.
Voya CLO 2014-4, Ltd./Voya CLO 2014-4 LLC sold $386.75 million of class A-1 floating-rate notes at Libor plus 150 basis points, $37.6 million of class A-2A floating-rate notes at Libor plus 240 bps; $29.75 million of 4.37% class A-2B fixed-rate notes; $26.55 million of class B deferrable floating-rate notes at Libor plus 335 bps; $35.8 million of class C deferrable floating-rate notes at Libor plus 400 bps; $31.9 of class D deferrable floating-rate notes at Libor plus 550 bps; $5.95 million of class E deferrable floating-rate notes at Libor plus 600 bps and $52.7 million of subordinated notes.
J.P. Morgan Securities LLC 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 $595 million of leveraged loans.
Voya Alternative Asset Management was in the primary market in July with the $517.5 million Voya CLO 2014-3, Ltd./Voya CLO 2014-3 LLC deal and in May with the $516.5 million Voya CLO 2014-2, Ltd./Voya CLO 2014 LLC transaction.
The management firm is part of New York City-based Voya Investment Management LLC.
| Issuer: | Voya CLO 2014-4, Ltd./Voya CLO 2014-4 LLC
|
| Amount: | $607 million
|
| Maturity: | Oct. 14, 2026
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Manager: | Voya Alternative Asset Management LLC
|
| Call feature: | 2016
|
| Settlement date: | Nov. 25
|
| Distribution: | Rule 144A
|
|
|
| Class A-1 notes
|
| Amount: | $386.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 150 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-2A notes
|
| Amount: | $37.6 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 240 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class A-2B notes
|
| Amount: | $29.75 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 4.37%
|
| Rating: | Moody’s: Aa2
|
|
|
| Class B notes
|
| Amount: | $26.55 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 335 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class C notes
|
| Amount: | $35.8 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 400 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class D notes
|
| Amount: | $31.9 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 550 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Class E notes
|
| Amount: | $5.95 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 600 bps
|
| Rating: | Moody’s: B2
|
|
|
| Equity tranche
|
| Amount: | $52.7 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
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