By Cristal Cody
Tupelo, Miss., March 18 – Hayfin Capital Management LLC sold €407.9 million of notes due May 27, 2032 in a new broadly syndicated collateralized loan obligation deal, according to market sources on Monday.
Hayfin Emerald CLO II DAC priced €148 million of class A-1 senior secured floating-rate notes at par to yield Euribor plus 116 basis points, €100 million of class A-2 senior secured floating-rate step-up notes at par with an initial coupon of Euribor plus 95 bps, €18.8 million of class B-1 senior secured floating-rate notes at par to yield Euribor plus 185 bps and €20 million of 2.65% class B-2 senior secured fixed-rate notes at par.
The CLO also priced €24.4 million of class C senior secured deferrable floating-rate notes at par to yield Euribor plus 280 bps; €20.8 million of class D senior secured deferrable floating-rate notes at par to yield Euribor plus 375 bps and €26.8 million of class E senior secured deferrable floating-rate notes with a coupon of Euribor plus 605 bps at 95.55.
In addition, the CLO priced €49.1 million of subordinated notes, including €25.4 million of senior subordinated notes at Euribor plus 725 bps and €23.7 million of junior subordinated notes.
Goldman Sachs International was the placement agent.
Hayfin Capital Management will manage the CLO.
The deal is backed primarily by senior secured obligations.
Hayfin Capital Management is part of London-based alternative asset management firm Hayfin Capital Management LLP.
| Issuer: | Hayfin Emerald CLO II DAC
|
| Amount: | €407.9 million
|
| Maturity: | May 27, 2032
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Goldman Sachs International
|
| Manager: | Hayfin Capital Management LLC
|
| Pricing date: | March 15
|
| Settlement date: | April 18
|
|
|
| Class A-1 notes
|
| Amount: | €148 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 116 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | €100 million
|
| Securities: | Senior secured floating-rate step-up notes
|
| Coupon: | Euribor plus 95 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | €18.8 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: | €20 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.65%
|
| Price: | Par
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class C notes
|
| Amount: | €24.4 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 280 bps
|
| Price: | Par
|
| Ratings: | Moody’s: A2
|
| Fitch: A
|
|
|
| Class D notes
|
| Amount: | €20.8 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 375 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Baa2
|
| Fitch: BBB
|
|
|
| Class E notes
|
| Amount: | €26.8 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 605 bps
|
| Price: | 95.55
|
| Ratings: | Moody’s: Ba2
|
| Fitch: BB
|
|
|
| Equity
|
| Amount: | €25.4 million
|
| Securities: | Senior subordinated notes
|
| Coupon: | Euribor plus 725 bps
|
| Ratings: | Non-rated
|
|
|
| Equity
|
| Amount: | €23.7 million
|
| Securities: | Junior subordinated notes
|
| Ratings: | Non-rated
|
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