By Cristal Cody
Tupelo, Miss., Oct. 27 – Hildene Structured Advisors, LLC priced $243,875,000 of notes due Nov. 1, 2035 in a refinancing of a bank credit collateralized loan securitization previously known as Community Funding CLO, Ltd., according to market sources.
Hildene Community Funding CDO, Ltd. sold $198,625,000 of 3.25% class A-R senior secured fixed-rate notes, $8,625,000 of 4% class B senior secured deferrable fixed-rate notes, $18 million of 5.25% class C senior secured deferrable fixed-rate notes and $18,625,000 of 7% class D senior secured deferrable fixed-rate notes.
Jefferies LLC was the refinancing agent.
The deal was originally issued on Oct. 15, 2015 and included $205 million of 5.75% class A senior secured fixed-rate notes and $45.5 million of preferred shares as collateral with an average 7% yield.
The CDO is backed by a portfolio of senior loans, senior notes, subordinated notes and trust preferred securities.
Proceeds will be used to redeem the outstanding notes.
Hildene Structured Advisors is a Stamford, Conn.-based distressed debt investment management firm.
| Issuer: | Hildene Community Funding CDO, Ltd.
|
| Amount: | $243,875,000
|
| Maturity: | Nov. 1, 2035
|
| Securities: | Fixed-rate notes
|
| Structure: | Cash flow CDO
|
| Refinancing agent: | Jefferies LLC
|
| Manager: | Hildene Structured Advisors, LLC
|
| Settlement date: | Nov. 2
|
|
|
| Class A-R notes
|
| Amount: | $198,625,000
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 3.25%
|
| Ratings: | Moody’s: Aa3
|
|
|
| Class B notes
|
| Amount: | $8,625,000
|
| Securities: | Senior secured deferrable fixed-rate notes
|
| Coupon: | 4%
|
| Ratings: | Moody’s: Baa3
|
|
|
| Class C notes
|
| Amount: | $18 million
|
| Securities: | Senior secured deferrable fixed-rate notes
|
| Coupon: | 5.25%
|
| Ratings: | Moody’s: Ba2
|
|
|
| Class D notes
|
| Amount: | $18,625,000
|
| Securities: | Senior secured deferrable fixed-rate notes
|
| Coupon: | 7%
|
| Ratings: | Moody’s: B3
|
|
|
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