By Cristal Cody
Tupelo, Miss., May 22 – Voya Alternative Asset Management LLC priced $612.1 million of notes due July 15, 2031 in a new broadly syndicated collateralized loan obligation offering, according to a market source.
Voya CLO 2018-2, Ltd./Voya CLO 2018-2 LLC sold $360 million of class A-1 floating-rate notes at Libor plus 100 basis points, $30 million of class A-2 floating-rate notes at Libor plus 125 bps, $49.7 million of class B-1 floating-rate notes at Libor plus 155 bps and $16.3 million of class B-2 floating-rate notes at Libor plus 155 bps.
The CLO also priced $25.4 million of class C-1 deferrable floating-rate notes at Libor plus 185 bps; $10.6 million of class C-2 deferrable floating-rate notes at Libor plus 185 bps; $36 million of class D deferrable floating-rate notes at Libor plus 275 bps; $22.5 million of class E deferrable floating-rate notes at Libor plus 525 bps; $10.5 million of class F deferrable floating-rate notes at Libor plus 729 bps and $51.1 million of subordinated notes.
Morgan Stanley & Co. LLC arranged the offering.
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 CLO is backed mainly by broadly syndicated first-lien senior secured loans.
Voya has priced two new CLOs year to date.
In 2017, the CLO manager placed four new CLOs and refinanced three vintage CLOs.
The firm is an affiliate of New York City-based Voya Investment Management LLC.
| Issuer: | Voya CLO 2018-2, Ltd./Voya CLO 2018-2 LLC
|
| Amount: | $612.1 million
|
| Maturity: | July 15, 2031
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Morgan Stanley & Co. LLC
|
| Manager: | Voya Alternative Asset Management LLC
|
| Call feature: | July 15, 2020
|
| Pricing date: | May 17
|
| Settlement date: | June 21
|
|
|
| Class A-1 notes
|
| Amount: | $360 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 100 bps
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $30 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 125 bps
|
| Ratings: | S&P: Non-rated
|
| Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $49.7 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 155 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-2 notes
|
| Amount: | $16.3 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 155 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-1 notes
|
| Amount: | $25.4 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 185 bps
|
| Rating: | S&P: A
|
|
|
| Class C-2 notes
|
| Amount: | $10.6 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 185 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $36 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 275 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $22.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 525 bps
|
| Rating: | S&P: BB-
|
|
|
| Class F notes
|
| Amount: | $10.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 729 bps
|
| Rating: | S&P: B-
|
|
|
| Equity
|
| Amount: | $51.1 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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