By Cristal Cody
Tupelo, Miss., Oct. 16 – Halcyon Loan Management, LLC sold $405 million of notes due April 20, 2027 in a refinancing of four tranches from a vintage 2015 collateralized loan obligation offering, according to a notice of revised proposed first supplemental indenture on Friday.
Halcyon Loan Advisors Funding 2015-1 Ltd./Halcyon Loan Advisors Funding 2015-1 LLC priced $310 million of class A-R senior secured floating-rate notes at Libor plus 92 basis points, $25 million of class B-1-R senior secured floating-rate notes at Libor plus 155 bps and $35 million of class B-2-R senior secured floating-rate notes at Libor plus 155 bps.
The CLO also sold $35 million of class C-R mezzanine secured deferrable floating-rate notes at Libor plus 200 bps.
Morgan Stanley & Co. LLC was the refinancing placement agent.
Halcyon Loan Advisors 2015-1 LLC is the CLO manager.
The original CLO deal was issued on April 16, 2015. Halcyon Loan Advisors Funding 2015-1 sold $4 million of class X floating-rate notes at Libor plus 100 bps, $310 million of class A floating-rate notes at Libor plus 145 bps, $25 million of class B-1 floating-rate notes at Libor plus 222 bps, $35 million of class B-2 floating-rate notes at Libor plus 193 bps, $35 million of class C floating-rate notes at Libor plus 314 bps, $30 million of class D floating-rate notes at Libor plus 380 bps, $25 million of class E floating-rate notes at Libor plus 565 bps, $10 million of class F floating-rate notes at Libor plus 692 bps and $44 million of subordinated notes.
Proceeds from the refinancing will be used to redeem the original class A, B-1, B-2 and C notes. The original CLO’s class D, class E, class F and subordinated notes will remain outstanding.
The deal is collateralized by broadly syndicated senior secured corporate loans.
Halcyon has refinanced four dollar-denominated CLOs year to date.
The management firm is based in New York.
| Issuer: | Halcyon Loan Advisors Funding 2015-1 Ltd./Halcyon Loan Advisors Funding 2015-1 LLC
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| Amount: | $405 million refinancing
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| Maturity: | April 20, 2027
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| Securities: | Floating-rate notes
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| Structure: | Cash flow CLO
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| Refinancing agent: | Morgan Stanley & Co. LLC
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| Manager: | Halcyon Loan Advisors 2015-1 LLC
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| Settlement date: | Oct. 20
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| Distribution: | Rule 144A, Regulation S
|
|
|
| Class A-R notes
|
| Amount: | $310 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 92 bps
|
| Expected ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B-1-R notes
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| Amount: | $25 million
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| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 155 bps
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| Expected rating: | Moody’s: Aa2
|
|
|
| Class B-2-R notes
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| Amount: | $35 million
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| Securities: | Senior secured floating-rate notes
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| Coupon: | Libor plus 155 bps
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| Expected rating: | Moody’s: Aa2
|
|
|
| Class C-R notes
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| Amount: | $35 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Expected rating: | Moody’s: A2
|
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