By Cristal Cody
Tupelo, Miss., May 5 - Voya Alternative Asset Management LLC sold $516,475,000 of notes due July 6, 2026 in a collateralized loan obligation deal, according to a market source.
Voya CLO 2014-2, Ltd./Voya CLO 2014 LLC priced $320 million of class A-1 floating-rate notes (Aaa//AAA) at Libor plus 145 basis points and $57.25 million of class A-2 floating-rate notes (Aa2//) at Libor plus 200 bps.
The CLO also sold $25 million of class B deferrable floating-rate notes (A2//) at Libor plus 295 bps, $32.75 million of class C deferrable floating-rate notes (Baa3//) at Libor plus 330 bps, $28,375,000 of class D deferrable floating-rate notes (Ba3//) at Libor plus 475 bps, $5 million of class E deferrable floating-rate notes (B2//) at Libor plus 555 bps and $48.1 million of subordinated notes.
J.P. Morgan Securities LLC was the placement agent.
Voya Alternative Asset Management will manage the CLO, which is secured primarily by first-lien senior secured corporate loans.
The CLO will have a two-year non-call period and a four-year reinvestment period.
Proceeds from the deal will be used to purchase a portfolio of about $500 million of leveraged loans.
Voya is part of New York City-based Voya Investment Management LLC, formerly known as ING U.S. Investment Management.
| Issuer: | CLO 2014-2, Ltd./Voya CLO 2014 LLC
|
| Amount: | $516,475,000
|
| Maturity: | July 6, 2026
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Manager: | Voya Alternative Asset Management LLC
|
| Call feature: | 2016
|
| Pricing date: | May 2
|
| Settlement date: | June 4
|
|
|
| Class A-1 notes
|
| Amount: | $320 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 145 bps
|
| Ratings: | Moody's: Aaa
|
| Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $57.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Rating: | Moody's: Aa2
|
|
|
| Class B notes
|
| Amount: | $25 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 295 bps
|
| Rating: | Moody's: A2
|
|
|
| Class C notes
|
| Amount: | $32.75 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 330 bps
|
| Rating: | Moody's: Baa3
|
|
|
| Class D notes
|
| Amount: | $28,375,000
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 475 bps
|
| Rating: | Moody's: Ba3
|
|
|
| Class E notes
|
| Amount: | $5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 555 bps
|
| Rating: | Moody's: B2
|
|
|
| Equity tranche
|
| Amount: | $48.1 million
|
| Securities: | Subordinated notes
|
| Rating: | Non-rated
|
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