Chicago, April 26 – Hayfin Capital Management LLC repriced for €373 million the Hayfin Emerald CLO II DAC with an extended maturity of May 29, 2034, pushed back from May 27, 2032, according to a notice.
The refinancing includes the €244 million of class A senior secured floating-rate notes at Euribor plus 85 basis points, €33.2 million of class B-1 senior secured floating-rate notes at Euribor plus 175 bps, €10 million of class B-2 2.1% senior secured fixed-rate notes, €14.8 million of class C-1 senior secured deferrable floating-rate notes at Euribor plus 250 bps, €10 million of class C-2 senior secured deferrable floating-rate notes at Euribor plus 310 bps, €26.8 million of class D senior secured deferrable floating-rate notes at Euribor plus 380 bps, €22.4 million of class E senior secured deferrable floating-rate notes at Euribor plus 646 bps and €10.8 million of class F senior secured deferrable floating-rate notes at Euribor plus 912 bps.
There are also €1 million of class M notes.
The original transaction priced €148 million of class A-1 senior secured floating-rate notes at par to yield Euribor plus 116 bps, €100 million of class A-2 senior secured floating-rate step-up notes at par with an initial coupon of Euribor plus 95 bps, €18.8 million of class B-1 senior secured floating-rate notes at par to yield Euribor plus 185 bps and €20 million of 2.65% class B-2 senior secured fixed-rate notes at par.
The original CLO also priced €24.4 million of class C senior secured deferrable floating-rate notes at par to yield Euribor plus 280 bps; €20.8 million of class D senior secured deferrable floating-rate notes at par to yield Euribor plus 375 bps and €26.8 million of class E senior secured deferrable floating-rate notes with a coupon of Euribor plus 605 bps at 95.55.
In addition, the CLO originally priced €49.1 million of subordinated notes, including €25.4 million of senior subordinated notes at Euribor plus 725 bps and €23.7 million of junior subordinated notes. The senior subordinated notes are being refinanced and the €23.7 million of subordinated notes will remain outstanding.
The reinvestment period has been renewed for 4.25 years.
Most of the collateral is from senior secured loans or senior secured bonds.
Hayfin Emerald Management continues as the collateral manager.
Hayfin Capital Management is part of London-based alternative asset management firm Hayfin Capital Management LLP.
| Issuer: | Hayfin Emerald CLO II DAC
|
| Issue: | Floating-rate and fixed rate notes
|
| Structure: | Cash flow CLO
|
| Amount: | €373 million
|
| Maturity: | May 29, 2034
|
| Manager: | Hayfin Capital Management LLC
|
| Announcement date: | April 16
|
|
|
| Class A notes
|
| Amount: | €244 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 85 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class B-1 notes
|
| Amount: | €33.2 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 175 bps
|
| Rating: | Moody's: Aa2
|
|
|
| Class B-2 notes
|
| Amount: | €10 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.1%
|
| Rating: | Moody's: Aa2
|
|
|
| Class C-1 notes
|
| Amount: | €14.8 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 250 bps
|
| Rating: | Moody's: A2
|
|
|
| Class C-2 notes
|
| Amount: | €10 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 310 bps
|
| Rating: | Moody's: A2
|
|
|
| Class D notes
|
| Amount: | €26.8 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 380 bps
|
| Rating: | Moody's: Baa3
|
|
|
| Class E notes
|
| Amount: | €22.4 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 646 bps
|
| Rating: | Moody's: Ba3
|
|
|
| Class F notes
|
| Amount: | €10.8 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 912 bps
|
| Rating: | Moody's: B3
|
|
|
| Class M notes
|
| Amount: | €1 million
|
© 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.
