By Cristal Cody
Tupelo, Miss., March 21 – Voya Alternative Asset Management LLC priced $513 million of notes due April 17, 2030 in a new collateralized loan obligation offering, according to a market source.
Voya CLO 2017-1, Ltd./Voya CLO 2017-1 LLC sold $3.1 million of class X floating-rate notes at Libor plus 95 basis points; $320 million of class A floating-rate notes at Libor plus 125 bps; $60 million of class A-2 floating-rate notes at Libor plus 160 bps; $32.5 million of class B deferrable floating-rate notes at Libor plus 230 bps; $27.5 million of class C deferrable floating-rate notes at Libor plus 333 bps; $20 million of class D deferrable floating-rate notes at Libor plus 610 bps and $49.9 million of subordinated notes.
Natixis Securities Americas LLC was the placement agent.
Voya Alternative Asset Management will manage the CLO.
The CLO has a two-year non-call period and a five-year reinvestment period.
Proceeds will be used to purchase a portfolio of about $500 million of mostly first lien senior secured leveraged loans.
The deal is backed primarily by broadly syndicated first-lien senior secured corporate loans.
The CLO manager priced four new CLOs and refinanced two vintage transactions in 2016.
The firm is an affiliate of New York City-based Voya Investment Management LLC.
| Issuer: | Voya CLO 2017-1, Ltd./Voya CLO 2017-1 LLC
|
| Amount: | $513 million
|
| Maturity: | April 17, 2030
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Natixis Securities Americas LLC
|
| Manager: | Voya Alternative Asset Management LLC
|
| Call feature: | April 17, 2019
|
| Pricing date: | March 10
|
| Settlement date: | April 12
|
| Distribution: | Rule 144A
|
|
|
| Class X notes
|
| Amount: | $3.1 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 95 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-1 notes
|
| Amount: | $320 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 125 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $60 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Ratings: | Moody’s: Aa2
|
|
|
| Class B notes
|
| Amount: | $32.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 230 bps
|
| Ratings: | Moody’s: A2
|
|
|
| Class C notes
|
| Amount: | $27.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 333 bps
|
| Ratings: | Moody’s: Baa3
|
|
|
| Class D notes
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| Amount: | $20 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 610 bps
|
| Ratings: | Moody’s: Ba3
|
|
|
| Equity
|
| Amount: | $49.9 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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