By Cristal Cody
Tupelo, Miss., April 19 – Voya Alternative Asset Management LLC priced $422 million of notes in a reset and second refinancing of a 2016 vintage broadly syndicated CLO, according to a market source and a notice of executed third supplemental indenture on Wednesday.
Voya CLO 2014-1, Ltd./Voya CLO 2014-1 LLC sold $4 million of class X floating-rate notes at Libor plus 63 basis points; $228 million of class A-1A-R2 floating-rate notes at Libor plus 99 bps; $26.5 million of class A-1B-R2 floating-rate notes at Libor plus 125 bps; $47.5 million of class A-2-R2 floating-rate notes at Libor plus 150 bps; $23 million of class B-R2 deferrable floating-rate notes at Libor plus 190 bps; $25.5 million of class C-R2 deferrable floating-rate notes at Libor plus 190 bps; $15 million of class D-R2 deferrable floating-rate notes at Libor plus 600 bps; $9.25 million of class E-R2 deferrable floating-rate notes at Libor plus 835 bps and $43.25 million of subordinated notes.
Citigroup Global Markets Inc. arranged the offering.
Voya Alternative Asset Management will manage the CLO.
The maturity on the notes was extended to April 18, 2031 from the first refinanced April 18, 2026 maturity.
The reset CLO has an extended two-year non-call period and a five-year reinvestment period.
In the original offering issued March 13, 2014, the CLO had sold $297 million of class A-1 floating-rate notes at Libor plus 115 bps; $25 million of class A-2a floating-rate notes at Libor plus 170 bps; $20 million of 3.07% class A-2b fixed-rate notes; $34.85 million of class B deferrable floating-rate notes at Libor plus 268 bps; $21.4 million of class C deferrable floating-rate notes at Libor plus 350 bps; $19.1 million of class D deferrable floating-rate notes at Libor plus 500 bps; $10.1 million of class E deferrable floating-rate notes at Libor plus 550 bps and $42.8 million of subordinated notes.
The CLO was first refinanced Nov. 22, 2016 in a $328 million reissue. In that deal, the CLO sold $256 million of class A-1-R floating-rate notes at Libor plus 133 bps, $41 million of class A-2A-R floating-rate notes at Libor plus 185 bps, $12 million of 3.17% class A-2B-R fixed-rate notes and $19 million of class B-R floating-rate notes at Libor plus 260 bps.
Proceeds were used to redeem the original and first refinancing notes.
The deal is collateralized mainly by senior secured loans.
Voya has priced one new dollar-denominated CLO and refinanced two vintage CLOs year to date.
The CLO manager brought four new CLOs and three refinancing deals to the market in 2017.
The firm is an affiliate of New York City-based Voya Investment Management LLC.
| Issuer: | Voya CLO 2014-1, Ltd./Voya CLO 2014-1 LLC
|
| Amount: | $422 million refinancing
|
| Maturity: | April 18, 2031
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Citigroup Global Markets Inc.
|
| Manager: | Voya Alternative Asset Management LLC
|
| Call feature: | April 18, 2020
|
| Settlement date: | April 18
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class X notes
|
| Amount: | $4 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 63 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1A-R2 notes
|
| Amount: | $228 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 99 bps
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class A-1B-R2 notes
|
| Amount: | $26.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 125 bps
|
| Ratings: | S&P: Non-rated
|
| Fitch: AAA
|
|
|
| Class A-2-R2 notes
|
| Amount: | $47.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 150 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-R2 notes
|
| Amount: | $23 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Rating: | S&P: A
|
|
|
| Class C-R2 notes
|
| Amount: | $25.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 280 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class D-R2 notes
|
| Amount: | $15 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 600 bps
|
| Rating: | S&P: BB-
|
|
|
| Class E-R2 notes
|
| Amount: | $9.25 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 835 bps
|
| Rating: | S&P: B-
|
|
|
| Equity
|
| Amount: | $43.25 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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