By Cristal Cody
Tupelo, Miss., April 17 – Voya Alternative Asset Management LLC sold $535.8 million of notes in a refinancing and reset of a 2014 broadly syndicated collateralized loan obligation offering, according to a market source.
Voya CLO 2014-2, Ltd./Voya CLO 2014-2 LLC priced $2.5 million of class X-R floating-rate notes at Libor plus 95 basis points; $331 million of class A-1-R floating-rate notes at Libor plus 125 bps; $44 million of class A-2A-R floating-rate notes at Libor plus 165 bps; $15 million of 1.55% class A-2B-R fixed-rate notes; $27.6 million of class B-R floating-rate notes at Libor plus 245 bps; $33.6 million of class C-R floating-rate notes at Libor plus 355 bps; $23 million of class D-R floating-rate notes at Libor plus 630 bps; $9.5 million of class E-R floating-rate notes at Libor plus 770 bps and $49.6 million of subordinated notes.
J.P. Morgan Securities LLC arranged the offering.
Voya Alternative Asset Management will manage the CLO.
The maturity on the refinanced notes was extended to April 17, 2030 from the original July 17, 2026 maturity.
The reset CLO has a two-year non-call period and a five-year reinvestment period.
Proceeds will be used to redeem the original notes.
In the original transaction priced on May 2, 2014, the CLO sold $320 million of class A-1 floating-rate notes at Libor plus 145 bps; $57.25 million of class A-2 floating-rate notes at Libor plus 200 bps; $25 million of class B deferrable floating-rate notes at Libor plus 295 bps, $32.75 million of class C deferrable floating-rate notes at Libor plus 330 bps, $28,375,000 of class D deferrable floating-rate notes at Libor plus 475 bps, $5 million of class E deferrable floating-rate notes at Libor plus 555 bps and $48.1 million of subordinated notes.
Voya has priced one new CLO and refinanced two CLOs year to date.
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 2014-2, Ltd./Voya CLO 2014-2 LLC
|
| Amount: | $535.8 million refinancing
|
| Maturity: | April 17, 2030
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | J.P. Morgan Securities LLC
|
| Manager: | Voya Alternative Asset Management LLC
|
| Call feature: | Two years
|
| Pricing date: | March 31
|
| Settlement date: | April 17
|
|
|
| Class X-R notes
|
| Amount: | $2.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 95 bps
|
| Ratings: | Moody’s: Aaa expected
|
| Fitch: AAA
|
|
|
| Class A-1-R notes
|
| Amount: | $331 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 125 bps
|
| Ratings: | Moody’s: Aaa expected
|
| Fitch: AAA
|
|
|
| Class A-2A-R notes
|
| Amount: | $44 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Rating: | Moody’s: Aa2 expected
|
|
|
| Class A-2B-R notes
|
| Amount: | $15 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 1.55%
|
| Ratings: | Moody’s: Aa2 expected
|
|
|
| Class B-R notes
|
| Amount: | $27.6 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 245 bps
|
| Rating: | Moody’s: A2 expected
|
|
|
| Class C-R notes
|
| Amount: | $33.6 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 355 bps
|
| Rating: | Moody’s: Baa3 expected
|
|
|
| Class D-R notes
|
| Amount: | $23 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 630 bps
|
| Rating: | Moody’s: Ba3 expected
|
|
|
| Class E-R notes
|
| Amount: | $9.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 770 bps
|
| Rating: | Moody’s: B3 expected
|
|
|
| Equity
|
| Amount: | $49.6 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.
