By Cristal Cody
Tupelo, Miss., Aug. 13 – Voya Alternative Asset Management LLC priced $395.9 million of notes due July 20, 2031 in a new issue broadly syndicated collateralized loan obligation offering, according to market sources.
Voya CLO 2020-2, Ltd./Voya CLO 2020-2 LLC sold $231 million of class A-1 floating-rate notes at Libor plus 160 basis points, $17 million of 1.77% class A-2 fixed-rate notes and $56 million of class B floating-rate notes at Libor plus 200 bps.
The CLO priced $24 million of class C floating-rate notes at Libor plus 270 bps, $22 million of class D floating-rate notes at Libor plus 425 bps, $12 million of class E floating-rate notes at Libor plus 785 bps and $33.9 million of subordinated notes.
Natixis Securities Americas LLC was the placement agent.
The CLO has a one-year non-call period and a three-year reinvestment period.
The offering is collateralized mostly by broadly syndicated first-lien senior secured loans.
The deal is the manager’s second new dollar-denominated CLO offering year to date.
Voya also has priced a new European CLO and one vintage dollar-denominated refinancing this year.
Voya priced four new dollar-denominated CLOs and one euro-denominated CLO in 2019.
The firm is an affiliate of New York City-based Voya Investment Management LLC.
| Issuer: | Voya CLO 2020-2, Ltd./Voya CLO 2020-2 LLC
|
| Amount: | $395.9 million
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Maturity: | July 20, 2031
|
| Structure: | Cash flow CLO
|
| Placement agent: | Natixis Securities Americas LLC
|
| Manager: | Voya Alternative Asset Management LLC
|
| Call feature: | One year
|
| Pricing date: | Aug. 5
|
| Settlement date: | Aug. 27
|
|
|
| Class A-1 notes
|
| Amount: | $231 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $17 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 1.77%
|
| Ratings: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $56 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Ratings: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 270 bps
|
| Ratings: | S&P: A
|
|
|
| Class D notes
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| Amount: | $22 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 425 bps
|
| Ratings: | S&P: BBB-
|
|
|
| Class E notes
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| Amount: | $12 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 785 bps
|
| Ratings: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $33.9 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
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