By Cristal Cody
Tupelo, Miss., July 26 – Halcyon Loan Management, LLC refinanced $486 million of notes due Oct. 22, 2025 in a vintage 2014 collateralized loan obligation offering, according to a notice of executed supplemental indenture on Tuesday.
Halcyon Loan Advisors Funding 2014-3 Ltd./Halcyon Loan Advisors Funding 2014-3 LLC sold $360 million of class A-R senior secured floating-rate notes at Libor plus 110 basis points, $67.25 million of class B-1-R senior secured floating-rate notes at Libor plus 170 bps, $16 million of 3.56% class B-2-R senior secured fixed-rate notes, $26.75 million of class C-1-R mezzanine secured deferrable floating-rate notes at Libor plus 265 bps and $16 million of 4.57% class C-2-R mezzanine secured fixed-rate notes.
Morgan Stanley & Co. LLC was the refinancing agent.
Halcyon Loan Advisors 2014-3 LLC is the CLO manager.
The original CLO deal was issued on Sept. 29, 2014.
Proceeds were used to redeem the original class A, B-1, B-2, C-1 and C-2 notes.
The deal is collateralized by broadly syndicated senior secured corporate loans.
Halcyon has refinanced four CLOs year to date.
The New York City-based management firm previously was in the U.S. CLO primary market in 2015.
| Issuer: | Halcyon Loan Advisors Funding 2014-3 Ltd./Halcyon Loan Advisors Funding 2014-3 LLC
|
| Amount: | $486 million refinancing
|
| Maturity: | Oct. 22, 2025
|
| Securities: | Fixed- and floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Morgan Stanley & Co. LLC
|
| Manager: | Halcyon Loan Advisors 2014-3 LLC
|
| Purchase agreement date: June 30
|
| Settlement date: | July 24
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class A-R notes
|
| Amount: | $360 million
|
| Securities: | Senior secured floating-rate loans
|
| Coupon: | Libor plus 110 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class B-1-R notes
|
| Amount: | $67.25 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Rating: | Moody’s: Aa1
|
|
|
| Class B-2-R notes
|
| Amount: | $16 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 3.56%
|
| Rating: | Moody’s: Aa1
|
|
|
| Class C-1-R notes
|
| Amount: | $26.75 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 265 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class C-2-R notes
|
| Amount: | $16 million
|
| Securities: | Mezzanine secured deferrable fixed-rate notes
|
| Coupon: | 4.57%
|
| Rating: | Moody’s: A2
|
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