By Cristal Cody
Eureka Springs, Ark., Nov. 21 – Halcyon Loan Advisors (UK) LLP priced €338 million of notes due Jan. 20, 2030 in a new collateralized loan obligation offering on Friday, according to a market source.
Halcyon Loan Advisors European Funding 2016 DAC sold €188.2 million of class A-1 senior secured floating-rate notes at par to yield Euribor plus 103 basis points and €10 million of 1.09% class A-2 senior secured fixed-rate notes at par.
The CLO priced €39 million of class B senior secured floating-rate notes at par to yield Euribor plus 170 bps.
Halcyon sold €19.3 million of class C senior secured deferrable floating-rate notes at par to yield Euribor plus 250 bps.
The CLO also priced €15.5 million of class D senior secured deferrable floating-rate notes at 98.60 and a coupon of Euribor plus 360 bps, €19.5 million of class E senior secured deferrable floating-rate notes at 92.55 and a coupon of Euribor plus 645 bps and €10 million of class F senior secured deferrable floating-rate notes at 82.05 and a coupon of Euribor plus 750 bps.
The deal included €36.5 million of subordinated notes.
Citigroup Global Markets Inc. was the placement agent.
Halcyon Loan Advisors will manage the CLO.
The notes are non-callable until Oct. 20, 2018. The reinvestment period ends Jan. 20, 2021.
The transaction is collateralized primarily by senior secured euro-denominated leveraged loans and bonds.
The CLO manager is a subsidiary of New York City-based Halcyon Loan Management LLC.
| Issuer: | Halcyon Loan Advisors European Funding 2016 DAC
|
| Amount: | €338 million
|
| Maturity: | Jan. 20, 2030
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | Halcyon Loan Advisors (UK) LLP
|
| Call feature: | Oct. 20, 2018
|
| Pricing date: | Nov. 18
|
| Settlement date: | Dec. 20
|
|
|
| Class A-1 notes
|
| Amount: | €188.2 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 103 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | €10 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 1.09%
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class B notes
|
| Amount: | €39 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 170 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aa2
|
| S&P: AA
|
|
|
| Class C notes
|
| Amount: | €19.3 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 250 bps
|
| Price: | Par
|
| Ratings: | Moody’s: A2
|
| S&P: A
|
|
|
| Class D notes
|
| Amount: | €15.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 360 bps
|
| Price: | 98.60
|
| Ratings: | Moody’s: Baa2
|
| S&P: BBB
|
|
|
| Class E notes
|
| Amount: | €19.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 645 bps
|
| Price: | 92.55
|
| Ratings: | Moody’s: Ba2
|
| S&P: BB
|
|
|
| Class F notes
|
| Amount: | €10 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 750 bps
|
| Price: | 82.05
|
| Ratings: | Moody’s: B2
|
| S&P: B
|
|
|
| Equity
|
| Amount: | €36.5 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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