By Cristal Cody
Tupelo, Miss., Aug. 7 – Voya Alternative Asset Management LLC priced $368.1 million of notes due July 19, 2028 in a refinancing of the Voya CLO 2016-2, Ltd./Voya CLO 2016-2 LLC collateralized loan obligation offering, according to a market source.
Voya CLO 2016-2 sold $259 million of class A-1-R floating-rate notes (expected ratings Aaa//AAA) at Libor plus 115 basis points, $45.9 million of class A-2-R floating-rate notes (expected rating Aa2) at Libor plus 175 bps; $25.6 million of class B-R deferrable floating-rate notes (expected rating A2) at Libor plus 245 bps; $21.2 million of class C-R deferrable floating-rate notes (expected rating Baa3) at Libor plus 400 bps and $16.4 million of class D-R deferrable floating-rate notes (expected rating Ba3) at Libor plus 711 bps.
Credit Suisse Securities (USA) LLC was the refinancing placement agent.
In the original transaction issued July 19, 2016, the CLO priced $259 million of class A-1 floating-rate notes at Libor plus 154 bps, $45.9 million of class A-2A floating-rate notes at Libor plus 210 bps; $25.6 million of class B floating-rate notes at Libor plus 290 bps; $21.2 million of class C floating-rate notes at Libor plus 425 bps; $16.4 million of class D floating-rate notes at Libor plus 695 bps and $39.15 million of subordinated notes.
Proceeds will be used to redeem the original notes.
Voya Alternative Asset Management is an affiliate of New York City-based Voya Investment Management LLC.
| Issuer: | Voya CLO 2016-2, Ltd./Voya CLO 2016-2 LLC
|
| Amount: | $368.1 million refinancing
|
| Securities: | Floating-rate notes
|
| Maturity: | July 19, 2028
|
| Structure: | Cash flow CLO
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| Refinancing agent: | Credit Suisse Securities (USA) LLC
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| Manager: | Voya Alternative Asset Management LLC
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| Call feature: | Two years
|
| Pricing date: | July 26
|
| Settlement date: | Aug. 16
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class A-1-R notes
|
| Amount: | $259 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 115 bps
|
| Ratings: | Moody’s: Aaa expected
|
| Fitch: AAA expected
|
|
|
| Class A-2-R notes
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| Amount: | $45.9 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Rating: | Moody’s: Aa2 expected
|
|
|
| Class B-R notes
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| Amount: | $25.6 million
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| Securities: | Deferrable floating-rate notes
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| Coupon: | Libor plus 245 bps
|
| Rating: | Moody’s: A2 expected
|
|
|
| Class C-R notes
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| Amount: | $21.2 million
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| Securities: | Deferrable floating-rate notes
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| Coupon: | Libor plus 400 bps
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| Rating: | Moody’s: Baa3 expected
|
|
|
| Class D-R notes
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| Amount: | $16.4 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 711 bps
|
| Rating: | Moody’s: Ba3 expected
|
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