By Cristal Cody
Tupelo, Miss., March 16 – Hayfin Capital Management LLC sold $606.25 million of notes due April 20, 2031 in a new broadly syndicated collateralized loan obligation deal, according to market sources.
Hayfin Kingsland VIII, Ltd./Hayfin Kingsland VIII, LLC priced $3 million of class X floating-rate notes at Libor plus 70 basis points; $384 million of class A floating-rate notes at Libor plus 112 bps; $67.75 million of class B floating-rate notes at Libor plus 148 bps; $31 million of class C floating-rate notes at Libor plus 190 bps; $39 million of class D floating-rate notes at Libor plus 570 bps; $30 million of class E floating-rate notes at Libor plus 570 bps and $51.5 million of subordinated notes.
Citigroup Global Markets Inc. was the placement agent.
Hayfin Capital Management will manage the CLO.
The CLO has a two-year non-call period and a five-year reinvestment period.
Proceeds will be used to purchase a portfolio of about $600 million of mostly first-lien senior secured leveraged loans.
The deal is backed primarily by first-lien senior secured loans.
Hayfin Capital Management is part of London-based alternative asset management firm Hayfin Capital Management LLP.
The London firm announced in December that it agreed to acquire New York-based CLO manager Kingsland Capital Management, LLC.
| Issuer: | Hayfin Kingsland VIII, Ltd./Hayfin Kingsland VIII, LLC
|
| Amount: | $606.25 million
|
| Maturity: | April 20, 2031
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | Hayfin Capital Management LLC
|
| Call feature: | Two years
|
| Pricing date: | Feb. 22
|
| Settlement date: | March 27
|
|
|
| Class X notes
|
| Amount: | $3 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 70 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class A notes
|
| Amount: | $384 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 112 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $67.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 148 bps
|
| Ratings: | Non-rated
|
|
|
| Class C notes
|
| Amount: | $31 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Ratings: | Non-rated
|
|
|
| Class D notes
|
| Amount: | $39 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 290 bps
|
| Ratings: | Non-rated
|
|
|
| Class E notes
|
| Amount: | $30 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 570 bps
|
| Ratings: | Non-rated
|
|
|
| Equity
|
| Amount: | $51.5 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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