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Voya prices $516.5 million CLO deal; mezzanine notes widen 5 bps in secondary market
By Cristal Cody
Tupelo, Miss., May 5 - Voya Alternative Asset Management LLC, part of Voya Investment Management LLC, formerly known as ING U.S. Investment Management, brought a $516.5 million collateralized loan obligation deal, according to a market source.
The Voya CLO 2014-2, Ltd./Voya CLO 2014 LLC vehicle priced the AAA-rated tranche at Libor plus 145 basis points, on the tight side of issuance this year.
In the secondary market, CLO AAA spreads remain stuck in the Libor plus 150 bps area, while the rest of the capital structure has widened about 5 bps since early April, according to a market source.
CLO AA notes were quoted in the Libor plus 215 bps area, while BBB notes have eased to the Libor plus 415 bps area.
Voya prices $516.5 million
Voya Alternative Asset Management sold $516,475,000 of notes due July 6, 2026 in the CLO deal via J.P. Morgan Securities LLC, according to a market source.
Voya CLO 2014-2 priced $320 million of class A-1 floating-rate notes (Aaa//AAA) at Libor plus 145 bps and $57.25 million of class A-2 floating-rate notes (Aa2) at Libor plus 200 bps.
Lower in the structure, the CLO sold $25 million of class B deferrable floating-rate notes (A2) at Libor plus 295 bps; $32.75 million of class C deferrable floating-rate notes (Baa3) at Libor plus 330 bps; $28,375,000 of class D deferrable floating-rate notes (Ba3) at Libor plus 475 bps and $5 million of class E deferrable floating-rate notes (B2) at Libor plus 555 bps.
The deal included $48.1 million of subordinated notes in the equity tranche.
Voya Alternative Asset Management will manage the CLO, which is secured primarily by first-lien senior secured corporate loans.
Proceeds will be used to purchase a portfolio of about $500 million of leveraged loans.
Voya is based in New York City.
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