By Cristal Cody
Tupelo, Miss., June 19 – Halcyon Loan Advisors (UK) LLP priced €361.4 million of notes due Oct. 18, 2031 in a new collateralized loan obligation offering on Friday, according to a market source.
Halcyon Loan Advisors European Funding 2018-1 DAC sold €206.5 million of class A-1 floating-rate notes at Euribor plus 84.5 basis points and €9.5 million of class A-2 floating-rate notes at Euribor plus 95 bps.
The CLO priced €16.5 million of class B-1 floating-rate notes at Euribor plus 148 bps and €15 million of 2.1% class B-2 fixed-rate notes.
Halcyon also sold €25.25 million of class C floating-rate notes at Euribor plus 190 bps; €22 million of class D floating-rate notes at Euribor plus 290 bps; €20.25 million of class E floating-rate notes at Euribor plus 513 bps and €10.5 million of class F floating-rate notes at Euribor plus 675 bps.
The deal included €35.9 million of subordinated notes.
Citigroup Global Markets Ltd. was the placement agent.
Halcyon Loan Advisors will manage the CLO.
Proceeds will be used to purchase a €350 million portfolio of primarily European leveraged loans and bonds.
The transaction is collateralized mainly by euro-denominated senior secured loans and bonds.
The CLO manager is a subsidiary of New York City-based Halcyon Loan Management LLC.
| Issuer: | Halcyon Loan Advisors European Funding 2018-1 DAC
|
| Amount: | €361.4 million
|
| Maturity: | Oct. 18, 2031
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Ltd.
|
| Manager: | Halcyon Loan Advisors (UK) LLP
|
| Pricing date: | June 15
|
| Settlement date: | Aug. 8
|
|
|
| Class A-1 notes
|
| Amount: | €206.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 84.5 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | €9.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 95 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | €16.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 148 bps
|
| Rating: | Fitch: AA
|
|
|
| Class B-2 notes
|
| Amount: | €15 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 2.1%
|
| Rating: | Fitch: AA
|
|
|
| Class C notes
|
| Amount: | €25.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 190 bps
|
| Rating: | Fitch: A
|
|
|
| Class D notes
|
| Amount: | €22 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 290 bps
|
| Rating: | Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | €20.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 513 bps
|
| Rating: | Fitch: BB-
|
|
|
| Class F notes
|
| Amount: | €10.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 675 bps
|
| Rating: | Fitch: B-
|
|
|
| Equity
|
| Amount: | €35.9 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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