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Voya raises $419.3 million in downsized CLO; new 3.0 CLO AAA, BBB spreads soften
By Cristal Cody
Tupelo, Miss., Feb. 2 – Voya Alternative Asset Management LLC priced $419.3 million of notes in a new CLO transaction, according to details from a market source.
The deal was downsized from an expected $505.65 million offering and eliminated an initial $10 million class E tranche of junior secured deferrable floating-rate notes.
Pricing action remains light in the CLO market in 2016 with $826 million of U.S. supply brought to market year to date.
New 3.0 CLO AAA spreads have softened 2 basis points from a week ago to Libor plus 177 bps and 5 bps since the start of the year, according to J.P. Morgan Securities LLC analysts.
New 3.0 CLO BBB notes have widened 10 bps since mid-January and 75 bps year to date, the analysts said in a note.
Voya prints CLO 2016-1
Voya Alternative Asset Management priced $419.3 million of notes due Jan. 20, 2027 in the Voya CLO 2016-1, Ltd./Voya CLO 2016-1 LLC transaction, according to details from a market source.
The CLO sold $257.3 million of class A-1 senior secured floating-rate notes at Libor plus 212 bps, $32.45 million of class A-2A senior secured floating-rate notes at Libor plus 282 bps and $20 million of 3.92% class A-2B fixed-rate notes in the senior tranches.
JPMorgan was the placement agent.
Voya Alternative Asset Management will manage the CLO.
The CLO has a non-call period that ends on July 20, 2018 and a reinvestment period that ends on July 20, 2020.
The deal is backed primarily by broadly syndicated senior secured corporate loans.
Voya Alternative Asset Management, an affiliate of New York City-based Voya Investment Management LLC, priced three CLOs and refinanced two vintage CLO deals in 2015.
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