By Cristal Cody
Tupelo, Miss., July 18 – Voya Alternative Asset Management LLC priced $403.65 million of notes at par in a new broadly syndicated collateralized loan obligation offering, according to details from a market source.
Voya CLO 2019-2, Ltd./Voya CLO 2019-2 LLC sold $1.5 million of class X floating-rate notes at Libor plus 65 basis points, $242 million of class A floating-rate notes at Libor plus 127 bps, $62 million of class B floating-rate notes at Libor plus 175 bps, $26 million of class C floating-rate notes at Libor plus 240 bps; $22.4 million of class D floating-rate notes at Libor plus 370 bps; $11.5 million of class E deferrable floating-rate notes at Libor plus 660 bps and $38.25 million of subordinated notes.
Citigroup Global Markets Inc. 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.
The offering is collateralized mostly by broadly syndicated first-lien senior secured loans.
Voya has priced two new CLOs year to date.
The CLO manager priced four new CLO deals each year in 2017 and 2018.
The firm is an affiliate of New York City-based Voya Investment Management LLC.
| Issuer: | Voya CLO 2019-2, Ltd./Voya CLO 2019-2 LLC
|
| Amount: | $403.65 million
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | Voya Alternative Asset Management LLC
|
| Call feature: | Two years
|
| Pricing date: | June 20
|
|
|
| Class X notes
|
| Amount: | $1.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 65 bps
|
| Price: | Par
|
| Rating: | S&P: AAA expected
|
|
|
| Class A notes
|
| Amount: | $242 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 127 bps
|
| Price: | Par
|
| Rating: | S&P: AAA expected
|
|
|
| Class B notes
|
| Amount: | $62 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Price: | Par
|
| Rating: | S&P: AA expected
|
|
|
| Class C notes
|
| Amount: | $26 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 240 bps
|
| Price: | Par
|
| Rating: | S&P: A expected
|
|
|
| Class D notes
|
| Amount: | $22.4 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 370 bps
|
| Price: | Par
|
| Rating: | S&P: BBB- expected
|
|
|
| Class E notes
|
| Amount: | $11.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 660 bps
|
| Price: | Par
|
| Rating: | S&P: BB- expected
|
|
|
| Equity
|
| Amount: | $38.25 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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