By Cristal Cody
Tupelo, Miss., July 11 – Hayfin Capital Management LLC sold $403.05 million of securities due July 20, 2032 in a new broadly syndicated collateralized loan obligation deal, according to a market source.
Hayfin Kingsland XI, Ltd./Hayfin Kingsland XI, LLC priced $256 million of class A loans at Libor plus 141 basis points, $39.6 million of class B senior secured floating-rate notes at Libor plus 205 bps, $20.2 million of class C mezzanine secured deferrable floating-rate notes at Libor plus 275 bps, $26.6 million of class D mezzanine secured deferrable floating-rate notes at Libor plus 385 bps, $22.8 million of class E junior secured deferrable floating-rate notes at Libor plus 690 bps and $37.85 million of subordinated notes.
J.P. Morgan Securities LLC was the placement agent.
Hayfin Capital Management LLC will manage the CLO.
The CLO has a two-year non-call period and a five-year reinvestment period.
The deal is backed primarily by broadly syndicated first-lien senior secured corporate loans.
Hayfin Capital has priced two dollar-denominated CLOs year to date.
The CLO manager is part of London-based alternative asset management firm Hayfin Capital Management LLP, which merged with New York-based Kingsland Capital Management, LLC in 2018.
Issuer: | Hayfin Kingsland XI, Ltd./Hayfin Kingsland XI, LLC
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Amount: | $403.05 million
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Maturity: | July 20, 2032
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Securities: | Loans and floating-rate and subordinated notes
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Structure: | Cash flow CLO
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Placement agent: | J.P. Morgan Securities LLC
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Manager: | Hayfin Capital Management LLC
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Call feature: | Two years
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Pricing date: | June 13
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Settlement date: | July 25
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Class A loans
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Amount: | $256 million
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Securities: | Loans
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Coupon: | Libor plus 141 bps
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Ratings: | Moody’s: Aaa
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Class B notes
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Amount: | $39.6 million
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Securities: | Senior secured floating-rate notes
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Coupon: | Libor plus 205 bps
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Ratings: | Moody’s: Aa2
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Class C notes
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Amount: | $20.2 million
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Securities: | Mezzanine secured deferrable floating-rate notes
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Coupon: | Libor plus 275 bps
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Ratings: | Moody’s: A2
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Class D notes
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Amount: | $26.6 million
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Securities: | Mezzanine secured deferrable floating-rate notes
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Coupon: | Libor plus 385 bps
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Ratings: | Moody’s: Baa3
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Class E notes
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Amount: | $22.8 million
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Securities: | Junior secured deferrable floating-rate notes
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Coupon: | Libor plus 690 bps
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Ratings: | Moody’s: Ba3
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Equity
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Amount: | $37.85million
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Securities: | Subordinated notes
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Ratings: | Non-rated
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