By Cristal Cody
Eureka Springs, Oct. 5 – Voya Alternative Asset Management LLC tapped the CLO primary market with a $608 million deal, according to a market source.
Voya CLO 2016-3, Ltd./Voya CLO 2016-3 LLC sold $372 million of class A-1 senior secured floating-rate notes at Libor plus 143 basis points; $84 million of class A-2 senior secured floating-rate notes at Libor plus 180 bps; $36 million of class B mezzanine secured deferrable floating-rate notes at Libor plus 240 bps; $36 million of class C mezzanine secured deferrable floating-rate notes at Libor plus 385 bps; $24 million of class D junior secured deferrable floating-rate notes at Libor plus 685 bps and $56 million of subordinated notes.
Credit Suisse Securities (USA) LLC was the placement agent.
Voya Alternative Asset Management will manage the CLO.
The CLO has a non-call period that ends on Oct. 18, 2018 and a reinvestment period that ends on July 18, 2021. The notes are due Oct. 18, 2028.
The deal is backed primarily by broadly syndicated senior secured corporate loans.
Voya Alternative Asset Management has priced three new CLOs and refinanced one vintage transaction year to date.
The affiliate of New York City-based Voya Investment Management LLC priced three CLOs and refinanced two vintage CLO deals in 2015.
| Issuer: | Voya CLO 2016-3, Ltd./Voya CLO 2016-3 LLC
|
| Amount: | $608 million
|
| Maturity: | Oct. 18, 2028
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Credit Suisse Securities (USA) LLC
|
| Manager: | Voya Alternative Asset Management LLC
|
| Call feature: | Oct. 18, 2018
|
| Pricing date: | Sept. 28
|
| Settlement date: | Oct. 18
|
|
|
| Class A-1 notes
|
| Amount: | $372 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 143 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $84 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 180 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class B notes
|
| Amount: | $36 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 240 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class C notes
|
| Amount: | $36 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 385 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class D notes
|
| Amount: | $24 million
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 685 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Equity
|
| Amount: | $56 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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