Hayfin Emerald CLO I (refinance): 26 March 2021
The assets securing the Refinancing Notes will consist of a portfolio of primarily Senior Obligations, Mezzanine Obligations and High Yield Bonds, and will be managed by Hayfin Emerald Management LLP.
On 6 September 2018 (the Original Issue Date), Hayfin Emerald CLO I DAC issued Class X Senior Secured Floating Rate Notes due 2031, Class A-1 Senior Secured Floating Rate Notes due 2031, Class A-2 Senior Secured Floating Rate Notes due 2031, Class A-3 Senior Secured Fixed Rate Notes due 2031, Class B Senior Secured Floating Rate Notes due 2031, Class C Senior Secured Deferrable Floating Rate Notes due 2031, Class D Senior Secured Deferrable Floating Rate Notes due 2031, Class E Senior Secured Deferrable Floating Rate Notes due 2031, Class F Senior Secured Deferrable Floating Rate Notes due 2031 and Subordinated Notes due 2031.
On or about 25 March 2021 (the Refinancing Date) the Issuer will, subject to certain conditions, refinance the Original Notes by issuing Class A Senior Secured Floating Rate Notes due 2034, Class B-1 Senior Secured Floating Rate Notes due 2034, Class B-2 Senior Secured Fixed Rate Notes due 2034, Class C Senior Secured Deferrable Floating Rate Notes due 2034, Class D Senior Secured Deferrable Floating Rate Notes due 2034, Class E Senior Secured Deferrable Floating Rate Notes due 2034, Class F Senior Secured Deferrable Floating Rate Notes due 2034 and Class M Notes due 2034. The Subordinated Notes shall remain outstanding.
The Refinanced Notes are being offered by the Issuer through Jefferies International Limited in its capacity as placement agent of the Refinanced Notes subject to prior sale.
EU Risk Retention: Hayfin Emerald Management LLP shall act as the Retention Holder and shall undertake to acquire on the Issue Date and hold on an ongoing basis, for so long as any Class of Notes remain outstanding, a material net economic interest of not less than 5% of the nominal value of each Class of the Refinanced Notes.
US Risk Retention: Based on the LSTA Decision, no party involved in the transaction will obtain on the Issue Date and retain any Notes intended to satisfy the U.S. Risk Retention Rules.