Chicago, July 21 – Hayfin Emerald CLO IV DAC sold €350 million of notes due Feb. 15, 2033 in a new European collateralized loan obligation offering, according to a market source.
Hayfin Emerald Management LLP is the collateral manager.
The transaction includes €199.5 million class A senior secured floating-rate notes (Aaa), €19 million class B-1 senior secured floating-rate notes (Aa2), €11.5 million class B-2 senior secured fixed-rate notes (Aa2) and €8 million class B-3 senior secured fixed/floating-rate notes.
Additionally, there are €11 million class C-1 senior secured deferrable floating-rate notes (A2), €9 million class C-2 senior secured deferrable fixed-floating-rate notes (A2), €25.6 million class D senior secured deferrable floating-rate notes (Baa3), €21.7 million class E senior secured deferrable floating-rate notes (Baa3) and €7 million class F senior secured deferrable floating-rate notes (B3).
There will also be a €1 million class M notes and a €31.3 million class of subordinated notes.
The CLO has a one-year reinvestment period.
The portfolio will be made up of at least 90% senior secured obligations.
Goldman Sachs International is the arranger.
Hayfin Emerald Management is part of London-based alternative asset management firm Hayfin Capital Management LLP.
Issuer: | Hayfin Emerald CLO IV DAC
|
Amount: | €350 million
|
Maturity: | Feb. 15, 2033
|
Securities: | Fixed-rate, floating-rate and subordinated notes
|
Structure: | Cash flow CLO
|
Placement agent: | Goldman Sachs International
|
Manager: | Hayfin Emerald Management LLP
|
Pricing date: | July 21
|
Settlement date: | Aug. 13
|
|
Class A notes
|
Amount: | €199.5 million
|
Securities: | Senior secured floating-rate notes
|
Coupon: | Euribor plus 145 bps
|
Rating: | Moody’s: Aaa
|
|
Class B-1 notes
|
Amount: | €19 million
|
Securities: | Senior secured floating-rate notes
|
Coupon: | Euribor plus 260 bps
|
Ratings: | Moody’s: Aa2
|
|
Class B-2 notes
|
Amount: | €11.5 million
|
Securities: | Senior secured fixed-rate notes
|
Coupon: | 2.8%
|
Rating: | Moody’s: Aa2
|
|
Class B-3 notes
|
Amount: | €8 million
|
Securities: | Senior secured fixed/floating-rate notes
|
Coupon: | 2.8%
|
Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
Class C-1 notes
|
Amount: | €11 million
|
Securities: | Senior secured deferrable floating-rate notes
|
Coupon: | Euribor plus 350 bps
|
Rating: | Moody’s: A2
|
|
Class C-2 notes
|
Amount: | €9 million
|
Securities: | Senior secured deferrable fixed/floating-rate notes
|
Coupon: | Euribor plus 370 bps
|
Rating: | Moody’s: A2
|
|
Class D notes
|
Amount: | €25.6 million
|
Securities: | Senior secured deferrable floating-rate notes
|
Coupon: | Euribor plus 465 bps
|
Rating: | Moody’s: Baa3
|
|
Class E notes
|
Amount: | €21.7 million
|
Securities: | Senior secured deferrable floating-rate notes
|
Coupon: | Euribor plus 713 bps
|
Rating: | Moody’s: Ba3
|
|
Class F notes
|
Amount: | €7 million
|
Securities: | Senior secured deferrable floating-rate notes
|
Coupon: | Euribor plus 820 bps
|
Rating: | Moody’s: B3
|
|
Class M notes
|
Amount: | €1 million
|
Securities: | Class M notes
|
Ratings: | Non-rated
|
|
Equity
|
Amount: | €31.3 million
|
Securities: | Subordinated notes
|
Ratings: | Non-rated
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.