By Cristal Cody
Tupelo, Miss., Nov. 2 – Voya Alternative Asset Management LLC priced $400.7 million of notes due Oct. 20, 2031 in eight tranches in a new issue broadly syndicated collateralized loan obligation offering, according to market sources.
Voya CLO 2020-3, Ltd./Voya CLO 2020-3 LLC sold $4 million of class X floating-rate notes at Libor plus 65 basis points, $221 million of class A-1 floating-rate notes at Libor plus 130 bps, $31 million of 1.59% class A-2 fixed-rate notes and $52 million of class B floating-rate notes at Libor plus 170 bps.
The CLO priced $24 million of class C deferrable floating-rate notes at Libor plus 240 bps, $24 million of class D deferrable floating-rate notes at Libor plus 395 bps, $12 million of class E deferrable floating-rate notes at Libor plus 628 bps and $32.7 million of subordinated notes.
Citigroup Global Markets Inc. 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.
Voya has priced three new dollar-denominated CLOs, as well as a new European CLO, year to date.
The CLO manager sold 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 2020-3, Ltd./Voya CLO 2020-3 LLC
|
| Amount: | $400.7 million
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Maturity: | Oct. 20, 2031
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | Voya Alternative Asset Management LLC
|
| Call feature: | One year
|
| Settlement date: | Nov. 6
|
|
|
| Class X notes
|
| Amount: | $4 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 65 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class A-1 notes
|
| Amount: | $221 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 130 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $31 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 1.59%
|
| Ratings: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $52 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Ratings: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 240 bps
|
| Ratings: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $24 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 395 bps
|
| Ratings: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $12 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 628 bps
|
| Ratings: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $32.7 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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