By Cristal Cody
Tupelo, Miss., July 5 – 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 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 senior secured corporate loans.
Hayfin Capital Management, part of London-based alternative asset management firm Hayfin Capital Management LLP, has priced two dollar-denominated CLOs year to date.
The London firm merged with New York-based CLO manager Kingsland Capital Management, LLC in 2018.
| Issuer: | Hayfin Kingsland XI, Ltd./Hayfin Kingsland XI, LLC
|
| Amount: | $403.05 million
|
| Maturity: | July 20, 2032
|
| Securities: | Loans, floating-rate notes and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Manager: | Hayfin Capital Management LLC
|
| Call feature: | Two years
|
| Pricing date: | June 13
|
| Settlement date: | July 25
|
|
|
| Class A loans
|
| Amount: | $256 million
|
| Securities: | Loans
|
| Coupon: | Libor plus 141 bps
|
| Ratings: | Moody’s: Aaa
|
|
|
| Class B notes
|
| Amount: | $39.6 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 205 bps
|
| Ratings: | Moody’s: Aa2
|
|
|
| Class C notes
|
| Amount: | $20.2 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 275 bps
|
| Ratings: | Moody’s: A2
|
|
|
| Class D notes
|
| Amount: | $26.6 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 690 bps
|
| Ratings: | Moody’s: Baa3
|
|
|
| Class E notes
|
| Amount: | $22.8 million
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 690 bps
|
| Ratings: | Moody’s: Ba3
|
|
|
| Equity
|
| Amount: | $37.85 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
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