By Cristal Cody
Tupelo, Miss., March 12 – Voya Alternative Asset Management LLC priced $417.6 million of notes due April 17, 2030 at par in a second refinancing of a 2014 vintage broadly syndicated CLO, according to market sources.
Voya CLO 2014-2, Ltd./Voya CLO 2014-2 LLC sold $331 million of class A-1-RR floating-rate notes at Libor plus 102 basis points, $44 million of class A-2a-RR floating-rate notes at Libor plus 155 bps, $15 million of class A-2b-RR floating-rate notes at Libor plus 155 bps and $27.6 million of class B-RR floating-rate notes at Libor plus 210 bps.
BNP Paribas Securities Corp. was the refinancing placement agent.
Voya Alternative Asset Management will continue to manage the CLO.
The refinanced notes have an extended one-year non-call period.
In the original transaction issued on June 4, 2014, the CLO sold $320 million of class A-1 floating-rate notes at Libor plus 145 bps; $57.25 million of class A-2 floating-rate notes at Libor plus 200 bps; $25 million of class B deferrable floating-rate notes at Libor plus 295 bps, $32.75 million of class C deferrable floating-rate notes at Libor plus 330 bps, $28,375,000 of class D deferrable floating-rate notes at Libor plus 475 bps, $5 million of class E deferrable floating-rate notes at Libor plus 555 bps and $48.1 million of subordinated notes.
The CLO was first refinanced April 17, 2017.
In that offering, Voya priced $2.5 million of class X-R floating-rate notes at Libor plus 95 bps; $331 million of class A-1-R floating-rate notes at Libor plus 125 bps; $44 million of class A-2A-R floating-rate notes at Libor plus 165 bps; $15 million of 1.55% class A-2B-R fixed-rate notes; $27.6 million of class B-R floating-rate notes at Libor plus 245 bps; $33.6 million of class C-R floating-rate notes at Libor plus 355 bps; $23 million of class D-R floating-rate notes at Libor plus 630 bps; $9.5 million of class E-R floating-rate notes at Libor plus 770 bps and $49.6 million of subordinated notes.
Proceeds were used to redeem the outstanding notes.
The firm is an affiliate of New York City-based Voya Investment Management LLC.
| Issuer: | Voya CLO 2014-2, Ltd./Voya CLO 2014-2 LLC
|
| Amount: | $417.6 million refinancing
|
| Maturity: | April 17, 2030
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | BNP Paribas Securities Corp.
|
| Manager: | Voya Alternative Asset Management LLC
|
| Call feature: | April 2021
|
| Pricing date: | Feb. 18
|
| Settlement date: | March 9
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class A-1-RR notes
|
| Amount: | $331 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 102 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa expected
|
| Fitch: AAA
|
|
|
| Class A-2a-RR notes
|
| Amount: | $44 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 155 bps
|
| Price: | Par
|
| Rating: | Moody’s: Aa2 expected
|
|
|
| Class A-2b-RR notes
|
| Amount: | $15 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 155 bps
|
| Price: | Par
|
| Rating: | Moody’s: Aa2 expected
|
|
|
| Class B-RR notes
|
| Amount: | $27.6 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 210 bps
|
| Price: | Par
|
| Rating: | Moody’s: A2 expected
|
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