By Cristal Cody
Tupelo, Miss., Nov. 18 – Additional details emerged Wednesday on Hayfin Emerald Management LLP’s previously reported €345.6 million European broadly syndicated collateralized loan obligation that closed over the session, according to market sources.
In the offering, Hayfin Emerald CLO V DAC priced €208.3 million of class A senior secured floating-rate notes at Euribor plus 110 basis points, €24.5 million of class B-1 senior secured floating-rate notes at Euribor plus 185 bps and €7 million of 2.1% class B-2 senior secured fixed-rate notes.
The CLO also sold €21 million of class C senior secured deferrable floating-rate notes at Euribor plus 300 bps, €25.6 million of class D senior secured deferrable floating-rate notes at Euribor plus 450 bps, €24.2 million of class E senior secured deferrable floating-rate notes at Euribor plus 688 bps and €35 million of subordinated notes.
Goldman Sachs International was the placement agent.
The notes are due Nov. 17, 2032.
The CLO is backed primarily by senior secured obligations.
Hayfin has priced two new euro-denominated CLOs year to date.
The asset manager is part of London-based alternative asset management firm Hayfin Capital Management LLP.
| Issuer: | Hayfin Emerald CLO V DAC
|
| Amount: | €345.6 million
|
| Maturity: | Nov. 17, 2032
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Goldman Sachs International
|
| Manager: | Hayfin Emerald Management LLP
|
| Settlement date: | Nov. 18
|
|
|
| Class A notes
|
| Amount: | €208.3 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 110 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class B-1 notes
|
| Amount: | €24.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 185 bps
|
| Ratings: | Moody’s: Aa2
|
| S&P: AA
|
|
|
| Class B-2 notes
|
| Amount: | €7 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.1%
|
| Ratings: | Moody’s: Aa2
|
| S&P: AA
|
|
|
| Class C notes
|
| Amount: | €21 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 300 bps
|
| Ratings: | Moody’s: A2
|
| S&P: A
|
|
|
| Class D notes
|
| Amount: | €25.6 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 450 bps
|
| Ratings: | Moody’s: Baa3
|
| S&P: BBB
|
|
|
| Class E notes
|
| Amount: | €24.2 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 688 bps
|
| Ratings: | Moody’s: Ba3
|
| S&P: BB-
|
|
|
| Equity
|
| Amount: | €35 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
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