By Cristal Cody
Tupelo, Miss., Dec. 8 – Halcyon Loan Advisors (U.K.) LLP sold €309.9 million of notes due Jan. 15, 2027 in a euro-denominated collateralized loan obligation offering, according to a market source.
Halcyon Loan Advisors European Funding 2014 BV priced €174.6 million of class A senior secured floating-rate notes at Euribor plus 127 basis points; €39.8 million of class B senior secured floating-rate notes at Euribor plus 210 bps; €19 million of class C senior secured deferrable floating-rate notes at Euribor plus 280 bps; €16.4 million of class D senior secured deferrable floating-rate notes at Euribor plus 390 bps; €19.3 million of class E senior secured deferrable floating-rate notes at Euribor plus 550 bps; €9.8 million of class F senior secured deferrable floating-rate notes at Euribor plus 650 bps and €31 million of subordinated notes.
Natixis SA arranged the offering.
Halcyon Loan Advisors (U.K.) will manage the CLO.
The CLO has a two-year non-call period and a four-year reinvestment period.
The portfolio is backed primarily by secured senior loans to Western Europe-based obligors.
Halcyon Loan Advisors (U.K.) is a subsidiary of New York City-based Halcyon Loan Management LLC.
| Issuer: | Halcyon Loan Advisors European Funding 2014 BV
|
| Amount: | €309.9 million
|
| Maturity: | Jan. 15, 2027
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Natixis SA
|
| Manager: | Halcyon Loan Advisors (U.K.) LLP
|
| Call feature: | 2017
|
| Pricing date: | Nov. 26
|
| Settlement date: | Dec. 15
|
|
|
| Class A notes
|
| Amount: | €174.6 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 127 bps
|
| Ratings: | Moody’s: Aaa
|
| Standard & Poor’s: AAA
|
|
|
| Class B notes
|
| Amount: | €39.8 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 210 bps
|
| Ratings: | Moody’s: Aa2
|
| Standard & Poor’s: AA
|
|
|
| Class C notes
|
| Amount: | €19 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 280 bps
|
| Ratings: | Moody’s: A2
|
| Standard & Poor’s: A
|
|
|
| Class D notes
|
| Amount: | €16.4 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 390 bps
|
| Ratings: | Moody’s: Baa2
|
| Standard & Poor’s: BBB
|
|
|
| Class E notes
|
| Amount: | €19.3 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 550 bps
|
| Ratings: | Moody’s: Ba2
|
| Standard & Poor’s: BB
|
|
|
| Class F notes
|
| Amount: | €9.8 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 650 bps
|
| Ratings: | Moody’s: B2
|
| Standard & Poor’s: B-
|
|
|
| Equity tranche
|
| Amount: | €31 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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