By Cristal Cody
Tupelo, Miss., April 29 - Halcyon Loan Advisors LP priced $569.53 million of notes due April 28, 2025 in the Halcyon Loan Advisors Funding 2014-2 Ltd./Halcyon Loan Advisors Funding 2014-2 LLC collateralized loan obligation offering, according to an informed source.
The CLO sold $220 million of class A-1A senior secured floating-rate notes (Aaa/AAA/) at Libor plus 160 basis points, $110 million of class A-1B senior secured floating-rate notes (Aaa/AAA/) at Libor plus 142 bps and $82.5 million of class A-2 senior secured floating-rate notes (Aa2) at Libor plus 200 bps.
Lower in the capital structure, the CLO priced $38.5 million of class B senior secured deferrable floating-rate notes (A2) at Libor plus 300 bps; $33 million of class C senior secured deferrable floating-rate notes (Baa3) at Libor plus 350 bps; $27.5 million of class D senior secured deferrable floating-rate notes (Ba3) at Libor plus 500 bps and $5.5 million of class E senior secured deferrable floating-rate notes (B2) at Libor plus 575 bps.
The deal included $52.53 million of subordinated notes in the equity tranche.
Citigroup Global Markets Inc. was the placement agent.
Halcyon Loan Advisors 2014-2 LLC, a subsidiary of Halcyon Loan Advisors, will manage the CLO, which is backed primarily by broadly syndicated first-lien senior secured corporate loans.
The CLO has a two-year non-callable period and a four-year reinvestment period.
Halcyon Loan Advisors, a subsidiary of New York City-based Halcyon Loan Management, LLC, priced two CLO deals in 2013.
| Issuer: | Halcyon Loan Advisors Funding 2014-2 Ltd./Halcyon Loan Advisors Funding 2014-2 LLC
|
| Amount: | $569.53 million
|
| Maturity: | April 28, 2025
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | Halcyon Loan Advisors 2014-2 LLC
|
| Call feature: | 2016
|
| Pricing date: | April 14
|
| Settlement date: | April 28
|
|
|
| Class A-1A notes
|
| Amount: | $220 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
|
|
| Class A-1B notes
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| Amount: | $110 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 142 bps
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
|
|
| Class A-2 notes
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| Amount: | $82.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Rating: | Moody's: Aa2
|
|
|
| Class B notes
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| Amount: | $38.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 300 bps
|
| Rating: | Moody's: A2
|
|
|
| Class C notes
|
| Amount: | $33 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 350 bps
|
| Rating: | Moody's: Baa3
|
|
|
| Class D notes
|
| Amount: | $27.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 500 bps
|
| Rating: | Moody's: Ba3
|
|
|
| Class E notes
|
| Amount: | $5.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 575 bps
|
| Rating: | Moody's: B2
|
|
|
| Equity tranche
|
| Amount: | $52.53 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
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