By Cristal Cody
Tupelo, Miss., April 6 – Halcyon Loan Advisors (UK) LLP refinanced €282.85 million of notes in a reset of a vintage 2014 collateralized loan obligation offering, according to a market source.
Halcyon Loan Advisors European Funding 2014-1 DAC sold €179.8 million of class A-R senior secured floating-rate notes at par to yield Euribor plus 87 basis points, €39.7 million of class B-R senior secured floating-rate notes at par to yield Euribor plus 145 bps and €20.9 million of class C-R senior secured deferrable floating-rate notes at par to yield Euribor plus 210 bps.
The CLO also priced €15.4 million of class D-R senior secured deferrable floating-rate notes at par to yield Euribor plus 340 bps, €17.75 million of class E-R senior secured deferrable floating-rate notes at 96.9 and a coupon of Euribor plus 555 bps and €9.3 million of class F-R senior secured deferrable floating-rate notes at 94.75 and a coupon of Euribor plus 745 bps.
Citigroup Global Markets Inc. was the refinancing agent.
Halcyon Loan Advisors will remain as the CLO manager.
The maturity on the refinanced notes was extended to April 15, 2030 from the original Jan. 15, 2027 maturity.
The reset CLO has a two-year non-call period and a four-year reinvestment period.
Halcyon originally priced the transaction on Nov. 26, 2014. The Halcyon Loan Advisors European Funding 2014 BV vehicle sold €174.6 million of class A floating-rate notes at Euribor plus 127 bps; €39.8 million of class B floating-rate notes at Euribor plus 210 bps; €19 million of class C floating-rate notes at Euribor plus 280 bps; €16.4 million of class D floating-rate notes at Euribor plus 390 bps; €19.3 million of class E floating-rate notes at Euribor plus 550 bps; €9.8 million of class F floating-rate notes at Euribor plus 650 bps and €31 million of subordinated notes.
Proceeds from the refinancing will be used to redeem the original notes.
The deal is collateralized primarily by senior secured loans and senior secured bonds.
Halcyon Loan Advisors is a subsidiary of New York City-based Halcyon Loan Management LLC.
| Issuer: | Halcyon Loan Advisors European Funding 2014-1 DAC
|
| Amount: | €282.85 million refinancing
|
| Maturity: | April 15, 2030
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Citigroup Global Markets Inc.
|
| Manager: | Halcyon Loan Advisors (UK) LLP
|
| Call feature: | Two years
|
| Pricing date: | March 29
|
| Settlement date: | April 18
|
|
|
| Class A-R notes
|
| Amount: | €179.8 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 87 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | €39.7 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 145 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aa2
|
| S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | €20.9 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 210 bps
|
| Price: | Par
|
| Ratings: | Moody’s: A2
|
| S&P: A
|
|
|
| Class D-R notes
|
| Amount: | €15.4 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 340 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Baa2
|
| S&P: BBB
|
|
|
| Class E-R notes
|
| Amount: | €17.75 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 555 bps
|
| Price: | 96.9
|
| Ratings: | Moody’s: Ba2
|
| S&P: BB
|
|
|
| Class F-R notes
|
| Amount: | €9.3 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 745 bps
|
| Price: | 94.75
|
| Ratings: | Moody’s: B2
|
| S&P: B-
|
© 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.
