Hayfin prices $403.05 million CLO; SME CDO prints; Tikehau refinances; JMP to reprice

By Cristal Cody

Tupelo, Miss., July 5 – Details emerged on new and refinanced securitized deals in the dollar-denominated and euro-denominated primary markets.

Hayfin Capital Management LLC priced a new $403.05 million CLO offering.

Banca Monte dei Paschi di Siena S.p.A. brought a €2.26 SME CDO transaction.

In refinancing activity in Europe, Tikehau Capital Europe Ltd. repriced €285 million of notes from a vintage 2016 deal.

Medalist Partners Corporate Finance LLC, formerly known as JMP Credit Advisors LLC, plans to refinance $456.87 million of notes from a 2017 CLO offering.

Medalist Partners Corporate Finance acquired a majority stake in JMP Credit Advisors in March.

Hayfin prices CLO XI

Hayfin Capital Management sold $403.05 million of securities due July 20, 2032 in the new broadly syndicated CLO deal, according to a market source.

Hayfin Kingsland XI, Ltd./Hayfin Kingsland XI, LLC priced $256 million of class A loans at Libor plus 141 basis points at the top of the capital stack.

J.P. Morgan Securities LLC was the placement agent.

The deal is backed primarily by broadly syndicated senior secured corporate loans.

Hayfin Capital Management, part of London-based alternative asset management firm Hayfin Capital Management LLP, has priced two dollar-denominated CLOs year to date.

The London firm merged with New York-based CLO manager Kingsland Capital Management, LLC in 2018.

Banca Monte dei Paschi prices

Banca Monte dei Paschi di Siena priced a €2,258,000,000 CDO offering of asset-backed floating-rate notes secured by small and medium-sized enterprise loans, according to a market source.

Siena PMI 2016 S.r.l. sold €519.4 million of the class A-1 notes at Euribor plus 50 bps, €400 million of class A-2 notes at Euribor plus 75 bps and €413 million of class A-2 retained notes at Euribor plus 75 bps.

The notes are due Feb. 20, 2060.

J.P. Morgan Securities plc and Banca IMI Spa were the lead managers.

The deal is a cash securitization of loans originated by the banks under the Banca Monte dei Paschi di Siena Group to Italian small and medium-sized enterprise businesses.

Banca Monte dei Paschi di Siena is a Siena, Italy-based bank founded in 1472.

Tikehau refinances €285 million

Tikehau Capital Europe refinanced €285 million of notes due Dec. 7, 2029 from the manager’s CLO transaction that priced in 2016, according to a market source.

Tikehau CLO II BV priced €244 million of class A-R senior secured floating-rate notes at par to yield Euribor plus 88 bps in the senior tranche.

Citigroup Global Markets Inc. arranged the offering.

In the original €414.2 million transaction issued Nov. 30, 2016, the CLO priced €244 million of class A senior secured floating-rate notes at par to yield Euribor plus 106 bps.

Proceeds from the transaction were used to redeem the original class A, C and D notes.

The CLO is backed mainly by euro-denominated senior secured obligations.

Tikehau is an investment firm based in London.

Medalist Partners eyes reprint

Medalist Partners Corporate Finance plans to refinance $456.87 million of notes due July 17, 2029 from the JMP Credit Advisors CLO IV Ltd./JMP Credit Advisors CLO IV LLC transaction, according to a notice of proposed supplemental indenture on Wednesday.

The offering includes class A-R senior secured floating-rate notes (expected ratings Aaa//AAA), class B-R senior secured floating-rate notes (expected ratings Aa2//), class C-R mezzanine secured deferrable floating-rate notes (expected ratings A2//) and class D-R mezzanine secured deferrable floating-rate notes (expected ratings Baa3//).

BNP Paribas Securities Corp. is the refinancing placement agent.

The original $456.87 million CLO was issued June 29, 2017.

Proceeds from the refinancing will be used to redeem the outstanding class A, B, C and D notes.

The CLO is backed by a portfolio of broadly syndicated first lien senior secured leveraged loans.

Medalist Partners Corporate is a New York-based alternative investment manager.

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