By Rebecca Melvin
New York, Jan. 2 – Voya Alternative Asset Management LLC has priced $406 million of notes due Jan. 15, 2032 in a broadly syndicated collateralized loan obligation offering, according to a market source.
Voya CLO 2018-4, Ltd./Voya CLO 2018-4 LLC sold $219.47 million of class A-1A senior secured floating-rate notes at Libor plus 122 basis points; $16.53 million of 4.25% class A-1B senior secured fixed-rate notes, $12 million of class A-2A senior secured floating-rate notes at Libor plus 165 bps; $12 million of 4.75% class A-2B senior secured fixed-rate notes and $44 million of class B senior secured floating-rate notes at Libor plus 185 bps.
The CLO also sold $20 million of class C-1 secured deferrable floating-rate notes at Libor plus 225 bps; $2 million of 5.35% class C-2 fixed-rate notes, $22 million of class D secured deferrable floating-rate notes at Libor plus 360 bps, $16 million of class E deferrable floating-rate notes at 630 bps, $6 million of class F deferrable floating-rate notes at Libor plus 950 bps and a $36 million tranche of subordinated notes.
Morgan Stanley & Co. LLC arranged the offering.
Voya Alternative Asset Management will continue to manage the CLO.
The CLO has a two-year non-call period and a five-year reinvestment period.
The CLO represents Voya’s fourth new CLO transaction for 2018.
The firm is an affiliate of New York City-based Voya Investment Management LLC.
| Issuer: | Voya CLO 2018-4, Ltd./Voya CLO 2018-4 LLC
|
| Amount: | $406 million
|
| Maturity: | Jan. 15, 2032
|
| Securities: | Fixed-rate notes, floating-rate notes and subordinated notes
|
| Structure: | Cash flow CLO
|
| Initial purchaser: | Morgan Stanley & Co. LLC
|
| Manager: | Voya Alternative Asset Management LLC
|
| Call feature: | Jan. 15, 2021
|
| Pricing date: | Dec. 13
|
| Settlement date: | Jan. 29
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class A-1A notes
|
| Amount: | $219.47 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 122 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1B notes
|
| Amount: | $16.53 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 4.25%
|
| Rating: | S&P: AAA
|
|
|
| Class A-2A notes
|
| Amount: | $12 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2B notes
|
| Amount: | $12 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 4.75%
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $44 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 185 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-1 notes
|
| Amount: | $20 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 225 bps
|
| Rating: | S&P: A
|
|
|
| Class C-2 notes
|
| Amount: | $2 million
|
| Securities: | Secured deferrable fixed-rate notes
|
| Coupon: | 5.35%
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $22 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 360 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $16 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 630 bps
|
| Rating: | S&P: BB-
|
|
|
| Class F notes
|
| Amount: | $6 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 950 bps
|
| Rating: | S&P: B-
|
|
|
| Subordinated notes
|
| Amount: | $36 million
|
| Ratings: | Not rated
|
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