By Cristal Cody
Tupelo, Miss., July 24 – Halcyon Loan Management, LLC refinanced $323.5 million of loans and notes due April 18, 2026 in a vintage 2014 collateralized loan obligation offering, according to a market source and a notice of executed supplemental indenture and security agreement on Friday.
Halcyon Loan Advisors Funding 2014-1 Ltd./Halcyon Loan Advisors Funding 2014-1 LLC sold $50 million of class A-R senior secured floating-rate loans at Libor plus 113 basis points, $199 million of class A-1-R senior secured floating-rate notes at Libor plus 113 bps, $33 million of class B-1-R senior secured floating-rate notes at Libor plus 175 bps, $20 million of 3.4109% class B-2-R senior secured fixed-rate notes and $21.5 million of class C-R secured deferrable floating-rate notes at Libor plus 270 bps.
In addition, another $50 million may be refinanced of class A-2-R senior secured floating-rate notes, which have a zero initial principal amount but may be increased to $50 million upon a conversion. The class A-2-R notes have a coupon of Libor plus 113 bps.
Mizuho Securities USA LLC was the refinancing agent.
Halcyon Loan Advisors 2014-1 LLC is the CLO manager.
In the original CLO deal issued on March 6, 2014, the CLO priced the class A loans at Libor plus 145 bps, the class A-1 notes at Libor plus 153 bps, the class A-2 note at Libor plus 145 bps, the class B-1 notes at Libor plus 235 bps, the class B-2 notes with a 4.64% coupon and the class C notes at Libor plus 300 bps.
Proceeds were used to redeem the original class A loans and class A-1, A-2, B-1, B-2 and C notes at par.
The deal is collateralized by broadly syndicated senior secured corporate loans.
Halcyon has refinanced three CLOs year to date.
The New York City-based management firm previously was in the U.S. CLO primary market in 2015.
| Issuer: | Halcyon Loan Advisors Funding 2014-1 Ltd./Halcyon Loan Advisors Funding 2014-1 LLC
|
| Amount: | $323.5 million refinancing
|
| Maturity: | April 18, 2026
|
| Securities: | Floating-rate and fixed-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Mizuho Securities USA LLC
|
| Manager: | Halcyon Loan Advisors 2014-1 LLC
|
| Settlement date: | July 18
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class A-R loans
|
| Amount: | $50 million
|
| Securities: | Senior secured floating-rate loans
|
| Coupon: | Libor plus 113 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-1-R notes
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| Amount: | $199 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 113 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-2-R notes
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| Amount: | $0 million, may be increased to $50 million upon conversion
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 113 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B-1-R notes
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| Amount: | $33 million
|
| Securities: | Senior secured floating-rate notes
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| Coupon: | Libor plus 175 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class B-2-R notes
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| Amount: | $20 million
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| Securities: | Senior secured fixed-rate notes
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| Coupon: | 3.4109%
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| Rating: | Moody’s: Aa2
|
|
|
| Class C-R notes
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| Amount: | $21.5 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 270 bps
|
| Rating: | Moody’s: A2
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