Chicago, July 21 – Hayfin Emerald CLO IV DAC sold €350 million of notes due Feb. 15, 2033 in a new European collateralized loan obligation offering, according to a market source.
Hayfin Emerald Management LLP is the collateral manager.
The transaction includes €199.5 million class A senior secured floating-rate notes (Aaa), €19 million class B-1 senior secured floating-rate notes (Aa2), €11.5 million class B-2 senior secured fixed-rate notes (Aa2) and €8 million class B-3 senior secured fixed/floating-rate notes.
Additionally, there are €11 million class C-1 senior secured deferrable floating-rate notes (A2), €9 million class C-2 senior secured deferrable fixed-floating-rate notes (A2), €25.6 million class D senior secured deferrable floating-rate notes (Baa3), €21.7 million class E senior secured deferrable floating-rate notes (Baa3) and €7 million class F senior secured deferrable floating-rate notes (B3).
There will also be a €1 million class M notes and a €31.3 million class of subordinated notes.
The CLO has a one-year reinvestment period.
The portfolio will be made up of at least 90% senior secured obligations.
Goldman Sachs International is the arranger.
Hayfin Emerald Management is part of London-based alternative asset management firm Hayfin Capital Management LLP.
| Issuer: | Hayfin Emerald CLO IV DAC
|
| Amount: | €350 million
|
| Maturity: | Feb. 15, 2033
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| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Goldman Sachs International
|
| Manager: | Hayfin Emerald Management LLP
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| Pricing date: | July 21
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| Settlement date: | Aug. 13
|
|
|
| Class A notes
|
| Amount: | €199.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 145 bps
|
| Rating: | Moody’s: Aaa
|
|
|
| Class B-1 notes
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| Amount: | €19 million
|
| Securities: | Senior secured floating-rate notes
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| Coupon: | Euribor plus 260 bps
|
| Ratings: | Moody’s: Aa2
|
|
|
| Class B-2 notes
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| Amount: | €11.5 million
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| Securities: | Senior secured fixed-rate notes
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| Coupon: | 2.8%
|
| Rating: | Moody’s: Aa2
|
|
|
| Class B-3 notes
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| Amount: | €8 million
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| Securities: | Senior secured fixed/floating-rate notes
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| Coupon: | 2.8%
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
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| Class C-1 notes
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| Amount: | €11 million
|
| Securities: | Senior secured deferrable floating-rate notes
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| Coupon: | Euribor plus 350 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class C-2 notes
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| Amount: | €9 million
|
| Securities: | Senior secured deferrable fixed/floating-rate notes
|
| Coupon: | Euribor plus 370 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class D notes
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| Amount: | €25.6 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 465 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E notes
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| Amount: | €21.7 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 713 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Class F notes
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| Amount: | €7 million
|
| Securities: | Senior secured deferrable floating-rate notes
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| Coupon: | Euribor plus 820 bps
|
| Rating: | Moody’s: B3
|
|
|
| Class M notes
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| Amount: | €1 million
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| Securities: | Class M notes
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| Ratings: | Non-rated
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|
|
| Equity
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| Amount: | €31.3 million
|
| Securities: | Subordinated notes
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| Ratings: | Non-rated
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