By Cristal Cody
Tupelo, Miss., July 25 – Voya Alternative Asset Management LLC priced $506 million of notes due July 23, 2027 in a refinancing of a vintage 2015 broadly syndicated collateralized loan obligation offering, according to a market source and a notice of executed supplemental indenture on Tuesday.
Voya CLO 2015-2, Ltd./Voya CLO 2015-2 LLC sold $335.5 million of class A-R senior secured floating-rate notes at Libor plus 97 basis points; $71.5 million of class B-R senior secured floating-rate notes at Libor plus 150 bps; $41.25 million of class C-R mezzanine secured deferrable floating-rate notes at Libor plus 200 bps; $33 million of class D-R mezzanine secured deferrable floating-rate notes at Libor plus 295 bps and $24.75 million of class E-R junior secured deferrable floating-rate notes at Libor plus 540 bps.
Morgan Stanley & Co. LLC arranged the offering.
Voya Alternative Asset Management will continue to manage the CLO.
The CLO has an extended one-year non-call period.
The securities originally were issued as a $569 million deal on July 23, 2015. In the initial offering, the CLO sold $3 million of class X floating-rate notes at Libor plus 100 bps at par; $335.5 million of class A floating-rate notes at Libor plus 140 bps at par; $71.5 million of class B floating-rate notes at Libor plus 198 bps at par; $41.25 million of class C floating-rate notes at Libor plus 270 bps at par; $33 million of class D floating-rate notes at Libor plus 340 bps at 95.33; $24.75 million of class E floating-rate notes at Libor plus 530 bps at 92.2 and $60 million of subordinated notes.
Proceeds were used to redeem the original notes.
The CLO is backed mainly by broadly syndicated first lien senior secured loans.
Voya has priced two new CLOs and refinanced three vintage CLOs year to date.
In 2017, the CLO manager placed four new CLOs and refinanced three vintage CLOs.
The firm is an affiliate of New York City-based Voya Investment Management LLC.
| Issuer: | Voya CLO 2015-2, Ltd./Voya CLO 2015-2 LLC
|
| Amount: | $506 million refinancing
|
| Maturity: | July 23, 2027
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Morgan Stanley & Co. LLC
|
| Manager: | Voya Alternative Asset Management LLC
|
| Call feature: | July 2019
|
| Pricing date: | July 13
|
| Settlement date: | July 23
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class A-R notes
|
| Amount: | $335.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 97 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B-R notes
|
| Amount: | $71.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 150 bps
|
| Ratings: | Moody’s: Aa1
|
|
|
| Class C-R notes
|
| Amount: | $41.25 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Ratings: | Moody’s: A2
|
|
|
| Class D-R notes
|
| Amount: | $33 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 295 bps
|
| Ratings: | Moody’s: Baa3
|
|
|
| Class E-R notes
|
| Amount: | $24.75 million
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 540 bps
|
| Ratings: | Moody’s: Ba3
|
|
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
