By Rebecca Melvin
New York, March 9 – Voya Alternative Asset Management LLC sold $661.2 million of notes due April 19, 2031 in the firm’s first new collateralized loan obligation offering of 2018, according to market sources.
Voya CLO 2018-1, Ltd./Voya CLO 2018-1 LLC priced $404 million of class A-1 floating-rate notes at Libor plus 95 basis points; $67.3 million of class A-2 floating-rate notes at Libor plus 130 bps; $58.8 million of class B deferrable floating-rate notes at Libor plus 180 bps; $40 million of class C deferrable floating-rate notes at Libor plus 260 bps; $26.1 million of class D deferrable floating-rate notes at Libor plus 520 bps; and $65 million of subordinated notes.
J.P. Morgan Securities LLC was the arranger.
Voya Alternative Asset Management will manage the CLO.
The CLO has a two-year non-call period and a five-year reinvestment period.
Proceeds will be used to purchase a portfolio of mostly first-lien senior secured leveraged loans.
The deal is backed primarily by broadly syndicated senior corporate loans.
Voya priced four new CLOs and refinanced two vintage CLOs in 2017.
The firm is an affiliate of New York City-based Voya Investment Management LLC.
| Issuer: | Voya CLO 2018-1, Ltd./Voya CLO 2018-1 LLC
|
| Amount: | $661.2 million
|
| Maturity: | April 19, 2031
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Manager: | Voya Alternative Asset Management LLC
|
| Call feature: | Two years
|
| Pricing date: | March 8
|
| Settlement date: | April 6
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class A-1 notes
|
| Amount: | $404 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 95 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $67.3 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 130 bps
|
| Rating: | S&P: AA
|
|
|
| Class B notes
|
| Amount: | $58.8 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 180 bps
|
| Ratings: | S&P: A
|
|
|
| Class C notes
|
| Amount: | $40 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 260 bps
|
| Ratings: | S&P: BBB-
|
|
|
| Class D notes
|
| Amount: | $26.1 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 520 bps
|
| Ratings: | S&P’s: BB-
|
|
|
| Equity
|
| Amount: | $65 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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