Chicago, Feb. 1 – Hayfin Emerald Management LLP refinanced for €504.5 million a collateralized loan obligation being by Hayfin Emerald CLO III DAC, according to multiple notices.
The notes will mature on Jan. 15, 2035.
The refinanced CLO consists of €310 million of class A senior secured floating-rate notes at Euribor plus 98 basis points, €36.3 million of class B-1 senior secured floating-rate notes at Euribor plus 175 bps, €15 million of class B-2 2.05% senior secured fixed-rate notes, €31.2 million of class C senior secured deferrable floating-rate notes at Euribor plus 220 bps, €35 million of class D senior secured deferrable floating-rate notes at Euribor plus 340 bps, €24 million of class E senior secured deferrable floating-rate notes at Euribor plus 635 bps, €14.2 million of class F senior secured deferrable floating-rate notes at Euribor plus 888 bps, €1 million of class M notes and €37.8 million of subordinated notes.
Originally, the CLO had priced €2 million of class X senior secured floating-rate notes at par to yield Euribor plus 45 bps, €248 million of class A senior secured floating-rate step-up notes at par to yield Euribor plus 110 bps, €29 million of class B-1 senior secured floating-rate notes at par to yield Euribor plus 185 bps and €10 million of 2.4% class B-2 senior secured fixed-rate notes at par.
The CLO also initially priced €24.5 million of class C senior secured deferrable floating-rate notes at par to yield Euribor plus 260 bps; €27.5 million of class D senior secured deferrable floating-rate notes at par to yield Euribor plus 400 bps; €21 million of class E senior secured deferrable floating-rate notes with a coupon of Euribor plus 632 bps at 97 and €10 million of class F senior secured deferrable floating-rate notes at 93.25 and a coupon of Euribor plus 836 bps.
In addition, the original CLO priced €38.8 million of subordinated notes, including €37.8 million of senior subordinated notes at 95 and €1 million of class M junior subordinated notes.
Hayfin Emerald Management LLP will manage the collateral through the end of the five-year reinvestment period.
Collateral comes from senior, mezzanine, second-lien loans and high-yield bonds.
Jefferies International Ltd. was the placement agent.
Hayfin Capital Management is part of London-based alternative asset management firm Hayfin Capital Management LLP.
| Issuer: | Hayfin Emerald CLO III DAC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | €504.5 million
|
| Maturity: | Jan. 15, 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | Jefferies International Ltd.
|
| Manager: | Hayfin Emerald Management LLP
|
| Settlement date: | Nov. 23
|
|
|
| Class A notes
|
| Amount: | €310 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 98 bps
|
| Rating: | Moody's: Aaa
|
| Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | €36.3 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 175 bps
|
| Rating: | Moody's: Aa2
|
| Fitch: AA
|
|
|
| Class B-2 notes
|
| Amount: | €15 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.05%
|
| Rating: | Moody's: Aa2
|
| Fitch: AA
|
|
|
| Class C notes
|
| Amount: | €31.2 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 220 bps
|
| Rating: | Moody's: A2
|
| Fitch: A
|
|
|
| Class D notes
|
| Amount: | €35 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 340 bps
|
| Rating: | Moody's: Baa3
|
| Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | €24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 635 bps
|
| Rating: | Moody's: Ba3
|
| Fitch: BB-
|
|
|
| Class F notes
|
| Amount: | €14.2 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 888 bps
|
| Rating: | Moody's: B3
|
| Fitch: B-
|
|
|
| Class M notes
|
| Amount: | €1 million
|
| Securities: | Junior subordinated notes
|
|
|
| Subordinated notes
|
| Amount: | €37.8 million
|
| Securities: | Subordinated notes
|
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