By Cristal Cody
Tupelo, Miss., Dec. 21 – Hayfin Capital Management LLC sold $352,625,000 of securities due Jan. 20, 2034 in its first dollar-denominated broadly syndicated collateralized loan obligation deal of 2020, according to market sources.
Hayfin U.S. XII, Ltd./Hayfin U.S. XII, LLC priced $200 million of class A loans at Libor plus 143 basis points, $17 million of class A floating-rate notes at Libor plus 143 bps, $44 million of class B-1 floating-rate notes at Libor plus 190 bps and $5 million of 2.672% class B-F fixed-rate notes.
The CLO sold $21 million of class C deferrable floating-rate notes at Libor plus 275 bps, $19.25 million of class D deferrable floating-rate notes at Libor plus 416 bps, $12.25 million of class E deferrable floating-rate notes at Libor plus 766 bps and $34,125,000 of subordinated notes.
Jefferies LLC was the placement agent.
The CLO has a two-year non-call period and a five-year reinvestment period.
The deal is backed primarily by broadly syndicated first-lien senior secured corporate loans.
The CLO manager is part of London-based alternative asset management firm Hayfin Capital Management LLP, which merged with New York-based Kingsland Capital Management, LLC in 2018.
| Issuer: | Hayfin U.S. XII, Ltd./Hayfin U.S. XII, LLC
|
| Amount: | $352,625,000
|
| Maturity: | Jan. 20, 2034
|
| Securities: | Loans and fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Jefferies LLC
|
| Manager: | Hayfin Capital Management LLC
|
| Call feature: | Two years
|
| Pricing date: | Dec. 8
|
| Settlement date: | Jan. 14
|
|
|
| Class A loans
|
| Amount: | $200 million
|
| Securities: | Loans
|
| Coupon: | Libor plus 143 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class A loans
|
| Amount: | $17 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 143 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $44 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Ratings: | S&P: AA
|
|
|
| Class B-F notes
|
| Amount: | $5 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 2.672%
|
| Ratings: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $21 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 275 bps
|
| Ratings: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $19.25 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 416 bps
|
| Ratings: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $12.25 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 766 bps
|
| Ratings: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $34,125,000
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
|
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