By Cristal Cody
Tupelo, Miss., Dec. 21 – Voya Alternative Asset Management LLC priced $526.5 million of notes in a refinancing and reset of a vintage 2015 collateralized loan obligation offering, according to a notice on Monday.
Voya CLO 2015-1, Ltd./Voya CLO 2015-1 LLC priced $386.75 million of class A-1-R floating-rate notes at Libor plus 90 basis points; $66.25 million of class A-2-R floating-rate notes at Libor plus 125 bps; $44.25 million of class B-R floating-rate notes at Libor plus 170 bps; $30.25 million of class C-R deferrable floating-rate notes at Libor plus 235 bps; $26 million of class D-R deferrable floating-rate notes at Libor plus 565 bps and $13 million of class E-R deferrable floating-rate notes at Libor plus 765 bps.
The original $46.5 million equity tranche of subordinated notes will remain outstanding.
Credit Suisse Securities (USA) LLC arranged the offering.
Voya Alternative Asset Management will continue to manage the CLO.
The CLO has a one-year non-call period and a three-year reinvestment period.
The maturity on the notes was extended to Jan. 18, 2029 from the original April 19, 2027 maturity.
The original $612.5 million CLO priced March 4, 2015. The CLO sold $390 million of class A-1 floating-rate notes at Libor plus 148 bps; $68.5 million of class A-2 floating-rate notes at Libor plus 210 bps; $27 million of class B deferrable floating-rate notes at Libor plus 300 bps; $37.25 million of class C deferrable floating-rate notes at Libor plus 340 bps; $29.5 million of class D deferrable floating-rate notes at Libor plus 560 bps; $13.75 million of class E deferrable floating-rate notes at Libor plus 650 bps and $46.5 million of subordinated notes.
Proceeds were used to redeem the original notes.
Voya has priced four new CLOs and refinanced three vintage CLOs year to date.
In 2016, the CLO manager placed four new CLOs and refinanced two vintage transactions.
The firm is an affiliate of New York City-based Voya Investment Management LLC.
| Issuer: | Voya CLO 2015-1, Ltd./Voya CLO 2015-1 LLC
|
| Amount: | $526.5 million refinancing
|
| Maturity: | Jan. 18, 2029
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Credit Suisse Securities (USA) LLC
|
| Manager: | Voya Alternative Asset Management LLC
|
| Call feature: | One year
|
| Settlement date: | Dec. 21
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class A-1-R notes
|
| Amount: | $386.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 90 bps
|
| Ratings: | Moody’s: Aaa expected
|
| Fitch: AAA
|
|
|
| Class A-2-R notes
|
| Amount: | $66.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 125 bps
|
| Rating: | Moody’s: Aa2 expected
|
|
|
| Class B-R notes
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| Amount: | $44.25 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Rating: | Moody’s: A2 expected
|
|
|
| Class C-R notes
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| Amount: | $23.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 235 bps
|
| Rating: | Moody’s: Baa3 expected
|
|
|
| Class D-R notes
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| Amount: | $26 million
|
| Securities: | Deferrable floating-rate notes
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| Coupon: | Libor plus 565 bps
|
| Rating: | Moody’s: Ba3 expected
|
|
|
| Class E-R notes
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| Amount: | $13 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 765 bps
|
| Rating: | Moody’s: B3 expected
|
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