By Cristal Cody
Tupelo, Miss., April 9 – Hayfin Capital Management LLC sold $500.5 million of securities due April 28, 2031 in a new broadly syndicated collateralized loan obligation deal, according to market sources.
Hayfin Kingsland X, Ltd./Hayfin Kingsland X, LLC priced $320 million of class A loans at Libor plus 146 basis points, $51.25 million of class B-1 senior secured floating-rate notes at Libor plus 225 bps and $7.5 million of 4.671% class B-2 senior secured fixed-rate notes.
Lower in the capital structure, the CLO sold $22.5 million of class C mezzanine secured deferrable floating-rate notes at Libor plus 310 bps, $31.25 million of class D mezzanine secured deferrable floating-rate notes at Libor plus 410 bps, $27.5 million of class E junior secured deferrable floating-rate notes at Libor plus 730 bps and $40.5 million of subordinated notes.
BNP Paribas Securities Corp. was the placement agent.
Hayfin Capital Management will manage the CLO.
The CLO has a two-year non-call period and a four-year reinvestment period.
The deal is backed primarily by broadly syndicated first-lien senior secured corporate loans.
The offering is the manager’s first dollar-denominated CLO issuance year to date.
Hayfin Capital Management is part of London-based alternative asset management firm Hayfin Capital Management LLP.
The London firm merged with New York-based CLO manager Kingsland Capital Management, LLC in 2018.
| Issuer: | Hayfin Kingsland X, Ltd./Hayfin Kingsland X, LLC
|
| Amount: | $500.5 million
|
| Maturity: | April 28, 2031
|
| Securities: | Loans and fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BNP Paribas Securities Corp.
|
| Manager: | Hayfin Capital Management LLC
|
| Call feature: | April 28, 2021
|
| Pricing date: | April 3
|
| Settlement date: | May 2
|
|
|
| Class A loans
|
| Amount: | $320 million
|
| Securities: | Loans
|
| Coupon: | Libor plus 146 bps
|
| Ratings: | Moody’s: Aaa
|
| Kroll: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $51.25 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 225 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class B-2 notes
|
| Amount: | $7.5 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 4.671%
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C notes
|
| Amount: | $22.5 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 310 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class D notes
|
| Amount: | $31.25 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 410 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E notes
|
| Amount: | $27.5 million
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 730 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Equity
|
| Amount: | $40.5 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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