By Cristal Cody
Tupelo, Miss., Oct. 28 – Hayfin Emerald Management LLP sold €345.6 million of notes due Nov. 17, 2032 in a new European broadly syndicated collateralized loan obligation offering, according to market sources on Wednesday.
Hayfin Emerald CLO V DAC priced €208.3 million of class A senior secured floating-rate notes at Euribor plus 115 basis points, €24.5 million of class B-1 senior secured floating-rate notes at Euribor plus 190 bps and €7 million of 2.2% class B-2 senior secured fixed-rate notes.
The CLO also priced €21 million of class C senior secured deferrable floating-rate notes at Euribor plus 300 bps; €25.6 million of class D senior secured deferrable floating-rate notes at Euribor plus 450 bps; €24.2 million of class E senior secured deferrable floating-rate notes at Euribor plus 730 bps and €35 million of subordinated notes.
Goldman Sachs International was the placement agent.
The CLO is backed primarily by senior secured obligations.
Hayfin has priced two new euro-denominated CLOs year to date.
The asset manager is part of London-based alternative asset management firm Hayfin Capital Management LLP.
| Issuer: | Hayfin Emerald CLO V DAC
|
| Amount: | €345.6 million
|
| Maturity: | Nov. 17, 2032
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Goldman Sachs International
|
| Manager: | Hayfin Emerald Management LLP
|
| Settlement date: | Nov. 18
|
|
|
| Class A notes
|
| Amount: | €208.3 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 115 bps
|
| Ratings: | Moody’s: Aaa
|
|
|
| Class B-1 notes
|
| Amount: | €24.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 190 bps
|
| Ratings: | Moody’s: Aa2
|
|
|
| Class B-2 notes
|
| Amount: | €7 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.2%
|
| Ratings: | Moody’s: Aa2
|
|
|
| Class C notes
|
| Amount: | €21 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 300 bps
|
| Ratings: | Moody’s: A2
|
|
|
| Class D notes
|
| Amount: | €25.6 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 450 bps
|
| Ratings: | Moody’s: Baa3
|
|
|
| Class E notes
|
| Amount: | €24.2 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 730 bps
|
| Ratings: | Moody’s: Ba3
|
|
|
| Equity
|
| Amount: | €35 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
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