By Cristal Cody
Tupelo, Miss., Aug. 6 – Hayfin Capital Management LLC sold €410.8 million of notes due Oct. 15, 2032 in a new European broadly syndicated collateralized loan obligation offering, according to a market source.
Hayfin Emerald CLO III DAC priced €2 million of class X senior secured floating-rate notes at par to yield Euribor plus 45 basis points, €248 million of class A senior secured floating-rate step-up notes at par to yield Euribor plus 110 bps, €29 million of class B-1 senior secured floating-rate notes at par to yield Euribor plus 185 bps and €10 million of 2.4% class B-2 senior secured fixed-rate notes at par.
The CLO also priced €24.5 million of class C senior secured deferrable floating-rate notes at par to yield Euribor plus 260 bps; €27.5 million of class D senior secured deferrable floating-rate notes at par to yield Euribor plus 400 bps; €21 million of class E senior secured deferrable floating-rate notes with a coupon of Euribor plus 632 bps at 97 and €10 million of class F senior secured deferrable floating-rate notes at 93.25 and a coupon of Euribor plus 836 bps.
In addition, the CLO priced €38.8 million of subordinated notes, including €37.8 million of senior subordinated notes at 95 and €1 million of class M junior subordinated notes.
Citigroup Global Markets Ltd. was the placement agent.
Hayfin Capital Management will manage the CLO.
The deal is backed primarily by senior secured obligations.
Hayfin has priced two euro-denominated CLOs year to date.
Hayfin Capital Management is part of London-based alternative asset management firm Hayfin Capital Management LLP.
| Issuer: | Hayfin Emerald CLO III DAC
|
| Amount: | €410.8 million
|
| Maturity: | Oct. 15, 2032
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Ltd.
|
| Manager: | Hayfin Capital Management LLC
|
| Pricing date: | July 26
|
| Settlement date: | Sept. 16
|
|
|
| Class X notes
|
| Amount: | €2 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 45 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A notes
|
| Amount: | €248 million
|
| Securities: | Senior secured floating-rate step-up notes
|
| Coupon: | Euribor plus 110 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | €29 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 185 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class B-2 notes
|
| Amount: | €10 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.4%
|
| Price: | Par
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class C notes
|
| Amount: | €24.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 260 bps
|
| Price: | Par
|
| Ratings: | Moody’s: A2
|
| Fitch: A
|
|
|
| Class D notes
|
| Amount: | €27.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 400 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Baa3
|
| Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | €21 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 632 bps
|
| Price: | 97
|
| Ratings: | Moody’s: Ba3
|
| Fitch: BB-
|
|
|
| Class F notes
|
| Amount: | €10 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 836 bps
|
| Price: | 93.25
|
| Ratings: | Moody’s: B3
|
| Fitch: B-
|
|
|
| Equity
|
| Amount: | €37.8 million
|
| Securities: | Senior subordinated notes
|
| Price: | 95
|
| Ratings: | Non-rated
|
|
|
| Equity
|
| Amount: | €1 million
|
| Securities: | Junior subordinated notes
|
| Ratings: | 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.
