By Cristal Cody
Tupelo, Miss., Feb. 2 – Voya Alternative Asset Management LLC priced $419.3 million of notes due Jan. 20, 2027 in the Voya CLO 2016-1, Ltd./Voya CLO 2016-1 LLC transaction, according to details from a market source.
The CLO sold $257.3 million of class A-1 senior secured floating-rate notes at Libor plus 212 basis points, $32.45 million of class A-2A senior secured floating-rate notes at Libor plus 282 bps and $20 million of 3.92% class A-2B fixed-rate notes in the senior tranches.
Voya CLO 2016-I also priced $8.9 million of class B-1 mezzanine secured deferrable floating-rate notes at Libor plus 357 bps; $20 million of 5.05% class B-2 mezzanine secured deferrable fixed-rate notes; $22.65 million of class C mezzanine secured deferrable floating-rate notes at Libor plus 482 bps; $20.5 million of class D junior secured deferrable floating-rate notes at Libor plus 717 bps and $37.5 million of subordinated notes.
J.P. Morgan Securities LLC was the placement agent.
Voya Alternative Asset Management will manage the CLO.
The CLO has a non-call period that ends on July 20, 2018 and a reinvestment period that ends on July 20, 2020.
The deal is backed primarily by broadly syndicated senior secured corporate loans.
Voya Alternative Asset Management, an affiliate of New York City-based Voya Investment Management LLC, priced three CLOs and refinanced two vintage CLO deals in 2015.
| Issuer: | Voya CLO 2016-1, Ltd./Voya CLO 2016-1 LLC
|
| Amount: | $419.3 million
|
| Maturity: | Jan. 20, 2027
|
| 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: | July 20, 2018
|
| Pricing date: | Jan. 22
|
| Settlement date: | Feb. 25
|
|
|
| Class A-1 notes
|
| Amount: | $257.3 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 212 bps
|
| Ratings: | Moody’s: Aaa
|
| Standard & Poor’s: AAA
|
|
|
| Class A-2A notes
|
| Amount: | $32.45 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 282 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class A-2B notes
|
| Amount: | $20 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 3.92%
|
| Rating: | Moody’s: Aa2
|
|
|
| Class B-1 notes
|
| Amount: | $8.9 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 357 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class B-2 notes
|
| Amount: | $20 million
|
| Securities: | Mezzanine secured deferrable fixed-rate notes
|
| Coupon: | 5.05%
|
| Rating: | Moody’s: A2
|
|
|
| Class C notes
|
| Amount: | $22.65 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 482 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class D notes
|
| Amount: | $20.5 million
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 717 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Equity
|
| Amount: | $37.5 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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