By Cristal Cody
Tupelo, Miss., July 11 - Halcyon Loan Advisors Funding 2013-2 Ltd./ Halcyon Loan Advisors Funding 2013-2 LLC closed on its $465.5 million CLO offering on Thursday, according to an informed source.
Halcyon priced $3 million of class X senior secured floating-rate notes due July 8, 2016 (Aaa/AAA/) at Libor plus 100 basis points; $254 million of class A senior secured floating-rate notes due July 8, 2025 (Aaa/AAA/) at Libor plus 120 bps; $46 million of class B-1 senior secured floating-rate notes due July 8, 2025 (Aa2) at Libor plus 175 bps; $42 million of 4.15% class B-2 senior secured fixed-rate notes due July 8, 2025 (Aa2); $27.5 million of class C mezzanine secured deferrable floating-rate notes due July 8, 2025 (A2) at Libor plus 270 bps; $26.75 million of class D mezzanine secured deferrable floating-rate notes due July 8, 2025 (Baa3) at Libor plus 380 bps; $22.25 million of class E junior secured deferrable floating-rate notes due July 8, 2025 (Ba3) at Libor plus 575 bps and $44 million of subordinated notes due July 8, 2025.
Morgan Stanley & Co., LLC was the placement agent.
Halcyon Loan Advisors 2013-2 LLC, a subsidiary of Halcyon Loan Advisors LP, will manage the CLO.
The notes have a two-year non-callable period and a four-year reinvestment period.
The managed cash-flow CLO is backed by broadly syndicated first-lien senior secured corporate loans. The underlying collateral pool was expected to be about 65% ramped when the deal closed.
| Issuer: | Halcyon Loan Advisors Funding 2013-2 Ltd./ Halcyon Loan Advisors Funding 2013-2 LLC
|
| Amount: | $465.5 million
|
| Securities: | Floating-rate, fixed-rate and subordinated notes
|
| Structure: | Cash-flow CLO
|
| Placement agent: | Morgan Stanley & Co., LLC
|
| Manager: | Halcyon Loan Advisors 2013-2 LLC,
|
| Call feature: | Aug. 1, 2015
|
| Settlement date: | July 11
|
|
|
| Class X notes
|
| Amount: | $3 million
|
| Maturity: | July 8, 2016
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 100 bps
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
|
|
| Class A notes
|
| Amount: | $254 million
|
| Maturity: | July 8, 2025
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 120 bps
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $46 million
|
| Maturity: | July 8, 2025
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Rating: | Moody's: Aa2
|
|
|
| Class B-2 notes
|
| Amount: | $42 million
|
| Maturity: | July 8, 2025
|
| Securities: | Senior secured deferrable fixed-rate notes
|
| Coupon: | 4.15%
|
| Rating: | Moody's: Aa2
|
|
|
| Class C notes
|
| Amount: | $27.5 million
|
| Maturity: | July 8, 2025
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 270 bps
|
| Ratings: | Moody's: A2
|
|
|
| Class D notes
|
| Amount: | $26.75 million
|
| Maturity: | July 8, 2025
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 380 bps
|
| Rating: | Moody's: Baa3
|
|
|
| Class E notes
|
| Amount: | $22.25 million
|
| Maturity: | July 8, 2025
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 575 bps
|
| Rating: | Moody's: Ba3
|
|
|
| Subordinated tranche
|
| Amount: | $44 million
|
| Maturity: | July 8, 2025
|
| Securities: | Subordinated notes
|
| Rating: | Non-rated
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
