By Cristal Cody
Tupelo, Miss., April 3 – Voya Alternative Asset Management LLC priced $455.15 million of notes in a refinancing and reset of a 2013 vintage broadly syndicated CLO, according to a market source and a notice of executed first supplemental indenture.
Voya CLO 2013-2, Ltd./Voya CLO 2013-2 LLC sold $286.25 million of class A-1-R floating-rate notes at Libor plus 97 basis points; $27.75 million of class A-2a-R floating-rate notes at Libor plus 140 bps; $27.75 million of class A-2b-R floating-rate notes at Libor plus 140 bps; $27 million of class B floating-rate notes at Libor plus 185 bps; $24.5 million of class C-R floating-rate notes at Libor plus 275 bps; $18 million of class D-R floating-rate notes at Libor plus 560 bps; $9 million of class E-R floating-rate notes at Libor plus 785 bps and $34.9 million of subordinated notes.
Credit Suisse Securities (USA) LLC arranged the offering.
Voya Alternative Asset Management will manage the CLO.
The maturity on the notes was extended to April 25, 2031 from the original April 25, 2025 maturity.
The reset CLO has an extended two-year non-call period and a five-year reinvestment period.
The original $470.25 milion CLO was issued on April 25, 2013 as ING IM CLO 2013-2 Ltd. The name was changed in 2014.
The transaction included $297 million of class A-1 floating-rate notes priced at Libor plus 115 bps; $25 million of class A-2a floating-rate notes at Libor plus 170 bps; $20 million of 3.07% class A-2b fixed-rate notes; $34.85 million of class B deferrable floating-rate notes at Libor plus 268 bps; $21.4 million of class C deferrable floating-rate notes at Libor plus 350 bps; $19.1 million of class D deferrable floating-rate notes at Libor plus 500 bps; $10.1 million of class E deferrable floating-rate notes at Libor plus 550 bps; and $42.8 million of non-rated subordinated notes.
Proceeds will be used to redeem the original notes.
Voya has priced one new CLO and refinanced one vintage CLO year to date.
The CLO manager priced four new CLOs and refinanced three vintage CLOs in 2017.
The firm is an affiliate of New York City-based Voya Investment Management LLC.
| Issuer: | Voya CLO 2013-2, Ltd./Voya CLO 2013-2 LLC
|
| Amount: | $455.15 million refinancing
|
| Maturity: | April 25, 2031
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Credit Suisse Securities (USA) LLC
|
| Manager: | Voya Alternative Asset Management LLC
|
| Call feature: | April 25, 2020
|
| Settlement date: | March 29
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class A-1-R notes
|
| Amount: | $286.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 97 bps
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class A-2a-R notes
|
| Amount: | $27.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 140 bps
|
| Rating: | S&P: AA
|
|
|
| Class A-2b-R notes
|
| Amount: | $27.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 140 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-R notes
|
| Amount: | $27 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 185 bps
|
| Rating: | S&P: A
|
|
|
| Class C-R notes
|
| Amount: | $24.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 275 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class D-R notes
|
| Amount: | $18 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 560 bps
|
| Rating: | S&P: BB-
|
|
|
| Class E-R notes
|
| Amount: | $9 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 785 bps
|
| Rating: | S&P: B-
|
|
|
| Equity
|
| Amount: | $34.9 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
