By Cristal Cody
Eureka Springs, Nov. 22 – Voya Alternative Asset Management LLC priced $707 million of notes due July 20, 2029 in a new collateralized loan obligation offering, according to a market source.
Voya CLO 2016-4, Ltd./Voya CLO 2016-4 LLC sold $448 million of class A floating-rate notes at Libor plus 146 basis points; $52 million of class B-1 floating-rate notes at Libor plus 185 bps; $32 million of 3.74% class B-2 fixed-rate notes; $49 million of class C floating-rate notes at Libor plus 250 bps; $35 million of class D floating-rate notes at Libor plus 415 bps; $14 million of class E-1 floating-rate notes at Libor plus 760 bps; $14 million of class E-2 floating-rate notes at Libor plus 665 bps and $63 million of subordinated notes.
Morgan Stanley & Co. LLC was the placement agent.
Voya Alternative Asset Management will manage the CLO.
The CLO has a two-year non-call period and a four-year reinvestment period.
Proceeds will be used to purchase a portfolio of about $700 million of mostly senior secured leveraged loans.
The deal is backed primarily by broadly syndicated first-lien senior secured loans.
The CLO manager has priced four new CLOs and refinanced two vintage transactions year to date.
The affiliate of New York City-based Voya Investment Management LLC priced three CLOs and refinanced two vintage CLOs in 2015.
| Issuer: | Voya CLO 2016-4, Ltd./Voya CLO 2016-4 LLC
|
| Amount: | $707 million
|
| Maturity: | July 20, 2029
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Morgan Stanley & Co. LLC
|
| Manager: | Voya Alternative Asset Management LLC
|
| Call feature: | Two years
|
| Pricing date: | Nov. 17
|
| Settlement date: | Dec. 21
|
| Distribution: | Rule 144A
|
|
|
| Class A notes
|
| Amount: | $448 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 146 bps
|
| Ratings: | Moody’s: Aaa expected
|
| Fitch: AAA
|
|
|
| Class B-1 notes
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| Amount: | $52 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 185 bps
|
| Rating: | Moody’s: Aa2 expected
|
|
|
| Class B-2 notes
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| Amount: | $32 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 3.74%
|
| Rating: | Moody’s: Aa2 expected
|
|
|
| Class C notes
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| Amount: | $49 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 250 bps
|
| Rating: | Moody’s: A2 expected
|
|
|
| Class D notes
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| Amount: | $35 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 415 bps
|
| Rating: | Moody’s: Baa3 expected
|
|
|
| Class E-1 notes
|
| Amount: | $14 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 760 bps
|
| Rating: | Moody’s: Ba3 expected
|
|
|
| Class E-2 notes
|
| Amount: | $14 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 665 bps
|
| Rating: | Moody’s: Ba3 expected
|
|
|
| Equity
|
| Amount: | $63 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
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