By Cristal Cody
Tupelo, Miss., Aug. 9 - Haymarket Financial LLP priced €397.75 million in a multi-currency collateralized loan obligation offering, according to informed sources.
The HayFin Ruby II Luxembourg SCA placed 13 tranches of senior secured variable funding notes due August 2024 in euro and sterling denominations.
Hayfin sold €81.9 million of class A-1 floating-rate notes (/AAA/) at Euribor plus 155 basis points; £81.9 million of class A-2 floating-rate notes (/AAA/) at Libor plus 155 bps; €26 million of class B-1 floating-rate notes (/AA/) at Euribor plus 225 bps and £26 million of class B-2 floating-rate notes (/AA/) at Libor plus 225 bps.
Hayfin also sold €11.5 million of class C-1 floating-rate notes (/A/) at Euribor plus 350 bps; £11.5 million of class C-2 floating-rate notes (/A/) at Libor plus 350 bps; €10.24 million of class D-1 floating-rate notes (/BBB/) at Euribor plus 425 bps; €10.24 million of class D-2 floating-rate notes (/BBB/) at Libor plus 450 bps; €13 million of class E-1 floating-rate notes (/BB/) at Euribor plus 700 bps and £12.87 million of class E-2 floating-rate notes (/BB/) at Libor plus 700 bps.
The CLO includes €50 million of senior secured variable funding notes (/AAA/) priced at Euribor plus 170 bps that were not offered to investors, €31 million of non-rated class F-1 subordinated notes and £31.6 million of non-rated class F-2 subordinated notes.
Natixis was the placement agent.
Haymarket Financial is the CLO manager.
The CLO is securitized by a revolving pool of euro- and sterling-denominated senior secured loans and bonds and second-lien loans and bonds.
The issue has a two-year non-call period and a three-year reinvestment period.
The CLO offering was a refinancing of the HayFin Ruby Luxembourg CLO that priced in 2011.
Haymarket, a London-based finance firm, plans to use the proceeds from the HayFin Ruby II CLO to redeem notes from the 2011 transaction.
| Issuer: | HayFin Ruby II Luxembourg SCA
|
| Amount: | €397.75 million
|
| Maturity: | August 2024
|
| Securities: | Euro and sterling floating-rate, variable funding and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Natixis
|
| Manager: | Haymarket Financial LLP
|
| Call feature: | 2015
|
|
|
| Class A-1 notes
|
| Amount: | €81.9 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 155 bps
|
| Rating: | Standard & Poor's: AAA
|
|
|
| Class A-2 notes
|
| Amount: | £81.9 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 155 bps
|
| Rating: | Standard & Poor's: AAA
|
|
|
| Class B-1 notes
|
| Amount: | €26 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 225 bps
|
| Rating: | Standard & Poor's: AA
|
|
|
| Class B-2 notes
|
| Amount: | £26 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 225 bps
|
| Rating: | Standard & Poor's: AA
|
|
|
| Class C-1 notes
|
| Amount: | €11.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 350 bps
|
| Rating: | Standard & Poor's: A
|
|
|
| Class C-2 notes
|
| Amount: | £11.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 350 bps
|
| Rating: | Standard & Poor's: A
|
|
|
| Class D-1 notes
|
| Amount: | €10.24 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 425 bps
|
| Rating: | Standard & Poor's: BBB
|
|
|
| Class D-2 notes
|
| Amount: | £10.24 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 450 bps
|
| Rating: | Standard & Poor's: BBB
|
|
|
| Class E-1 notes
|
| Amount: | €13 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 700 bps
|
| Rating: | Standard & Poor's: BB
|
|
|
| Class E-2 notes
|
| Amount: | £12.87 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 700 bps
|
| Rating: | Standard & Poor's: BB
|
|
|
| Class VFN notes
|
| Amount: | €50 million
|
| Securities: | Variable funding notes
|
| Coupon: | Euribor plus 170 bps
|
| Rating: | Standard & Poor's: AAA
|
|
|
| Class F-1 notes
|
| Amount: | €31 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
|
| Class F-2 notes
|
| Amount: | £31.6 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
