Chicago, March 1 – Hayfin Emerald Management LLP priced notes for a refinancing for €380.4 million of notes from the Hayfin Emerald CLO I DAC transaction, according to a notice and a release.
The portfolio, due April 17, 2034, contains €247.25 million of class A-R senior secured floating-rate notes at Euribor plus 88 bps, €29.75 million of class B-1-R senior secured floating-rate notes at Euribor plus 145 bps and €15 million of class B-2-R 1.9% senior secured fixed-rate notes.
There are also €25.5 million of class C-R senior secured deferrable floating-rate notes at Euribor plus 230 bps, €28.4 million of class D-R senior secured deferrable floating-rate notes at Euribor plus 340 bps, €21.6 million of class E-R senior secured deferrable floating-rate notes at Euribor plus 595 bps, €10.9 million of class F-R senior secured deferrable floating-rate notes at Euribor plus 795 bps, €2 million of class M notes.
An additional €42.05 million of subordinated notes from the original transaction will remain outstanding.
The refinancing notes will be used to redeem the original notes.
The reinvestment period ends Sept. 25, 2025.
The notes cannot be called before September 2022.
Jefferies International Ltd. is the placement agent.
Hayfin Emerald Management is part of the Hayfin Group with a registered office in London.
| Issuer: | Hayfin Emerald CLO I DAC
|
| Amount: | €380.4 million
|
| Maturity: | April 17, 2034
|
| Securities: | Floating-rate, fixed-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Jefferies International Ltd.
|
| Manager: | Hayfin Emerald Management LLP
|
| Call: | September 2022
|
| Pricing date: | Feb. 24
|
| Settlement date: | March 25
|
|
|
| Class A-R notes
|
| Amount: | €247.25 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 88 bps
|
| Rating: | Moody's: Aaa
|
| Fitch: AAA
|
|
|
| Class B-1-R notes
|
| Amount: | €29.75 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 145 bps
|
| Rating: | Moody's: Aa2
|
| Fitch: AA
|
|
|
| Class B-2-R notes
|
| Amount: | €15 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 1.9%
|
| Rating: | Moody's: Aa2
|
| Fitch: AA
|
|
|
| Class C-R notes
|
| Amount: | €25.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 230 bps
|
| Rating: | Moody's: A2
|
| Fitch: A
|
|
|
| Class D-R notes
|
| Amount: | €28.4 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 340 bps
|
| Rating: | Moody's: Baa3
|
| Fitch: BBB-
|
|
|
| Class E-R notes
|
| Amount: | €21.6 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 595 bps
|
| Rating: | Moody's: Ba3
|
| Fitch: BB-
|
|
|
| Class F-R notes
|
| Amount: | €10.9 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 795 bps
|
| Rating: | Moody's: B3
|
| Fitch: B-
|
|
|
| Class M notes
|
| Amount: | $2 million
|
| Securities: | Subordinated notes
|
|
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