By Cristal Cody
Tupelo, Miss., Oct. 24 – Voya Alternative Asset Management LLC priced $417.07 million of notes in a second refinancing of the Voya CLO 2012-4, Ltd./Voya CLO 2012-4 LLC transaction, according to market sources and an issuer’s notice of optional redemption.
The CLO sold $4 million of class X-R-R floating-rate notes at Libor plus 60 basis points, $245 million of class A-1-a-R-R floating-rate notes at Libor plus 120 bps, $15 million of 2.764% class A-1-b-R-R fixed-rate notes, $27.9 million of class A-2-A-R-R floating-rate notes at Libor plus 190 bps and $16.5 million of 3.472% class A-2-B-R-R fixed-rate notes.
Voya also priced $23.6 million of class B-R-R floating-rate notes at Libor plus 275 bps, $14 million of class C-1-R-R deferrable floating-rate notes at Libor plus 380 bps, $10 million of class C-2-R-R floating-rate notes at Libor plus 450 bps, $15 million of class D-R-R floating-rate notes at Libor plus 760 bps, $3.32 million of class E-R-R deferrable floating-rate notes at Libor plus 1,085 bps and $42.75 million of income notes.
BNP Paribas Securities Corp. was the refinancing agent.
Voya Alternative Asset Management will continue to manage the CLO.
The reset CLO has a one-year non-call period and a three-year reinvestment period.
The maturity on the notes was extended to Oct. 15, 2030 from the refinanced maturity date of Oct. 15, 2028. The CLO originally was due Oct. 15, 2023.
The original CLO was issued Nov. 29, 2012 and was first refinanced on Sept. 22, 2016.
In the first refinancing, the CLO sold $262 million of class A-1-R floating-rate notes at Libor plus 145 bps. The class A-1 tranche originally priced at Libor plus 139 bps.
The CLO first refinanced $45.2 million of class A-2-R floating-rate notes at Libor plus 185 bps. The original class A-2 notes priced at Libor plus 225 bps.
Voya CLO also first refinanced $28.8 million of class B-R floating-rate notes at Libor plus 250 bps. The class B notes originally were sold at Libor plus 315 bps.
The CLO previously refinanced $19.2 million of C-R floating-rate notes at Libor plus 425 bps. The class C notes originally priced at Libor plus 450 bps.
The CLO also previously refinanced $16 million of class D-R floating-rate notes at Libor plus 765 bps. The original class D notes were priced at Libor plus 575 bps.
Proceeds from the latest transaction will be used to redeem the CLO’s outstanding notes on Nov. 5.
Scottsdale, Ariz.-based Voya Alternative Asset Management is an affiliate of New York City-based Voya Investment Management LLC.
| Issuer: | Voya CLO 2012-4, Ltd./Voya CLO 2012-4 LLC
|
| Amount: | $417.07 million refinancing
|
| Maturity: | Oct. 15, 2030
|
| Securities: | Fixed- and floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | BNP Paribas Securities Corp.
|
| Manager: | Voya Alternative Asset Management LLC
|
| Call feature: | One year
|
| Pricing date: | Oct. 15
|
| Settlement date: | Nov. 5
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class X-R-R notes
|
| Amount: | $4 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 60 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1-a-R-R notes
|
| Amount: | $245 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 120 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1-b-R-R notes
|
| Amount: | $15 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 2.764%
|
| Rating: | S&P: AAA
|
|
|
| Class A-2-A-R-R notes
|
| Amount: | $27.9 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Rating: | S&P: AA
|
|
|
| Class A-2-B-R-R notes
|
| Amount: | $16.5 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 3.472%
|
| Rating: | S&P: AA
|
|
|
| Class B-R-R notes
|
| Amount: | $23.6 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 275 bps
|
| Rating: | S&P: A
|
|
|
| Class C-1-R-R notes
|
| Amount: | $14 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 380 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class C-2-R-R notes
|
| Amount: | $10 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 450 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class D-R-R notes
|
| Amount: | $15 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 760 bps
|
| Rating: | S&P: BB-
|
|
|
| Class E-R-R notes
|
| Amount: | $3.31 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 1,085 bps
|
| Rating: | S&P: B-
|
|
|
| Equity
|
| Amount: | $42.75 million
|
| Securities: | Income notes
|
| Ratings: | Non-rated
|
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