Latest Kingsland Capital Management News
Apr 9, 2019
. 0 Message : *Required fields Kroll Bond Rating Agency (KBRA) assigns a preliminary rating to one class of notes issued by Hayfin Kingsland X, Ltd. (Hayfin Kingsland X). Hayfin Kingsland X is a reinvesting cash flow collateralized loan obligation (CLO) managed by Hayfin Capital Management LLC. The rating reflects the initial credit enhancement levels, four levels of coverage tests including overcollateralization ratio and interest coverage tests, excess spread, and an interest reinvestment test. The collateral in Hayfin Kingsland X will mainly consist of broadly syndicated leveraged loans issued by corporate obligors diversified across sectors. The obligors in the portfolio have a K-WARF of 2303, which represents a weighted average portfolio assessment of approximately B. The expected total portfolio par amount is $500 million with exposures to 194 obligors. The portfolio is required to have at least 92.5% first lien senior secured loans and a maximum of 60% cov-lite loans as defined in the transaction documents. Hayfin Capital Management LLP (Hayfin) was founded in 2009 and is headquartered in London with credit teams in New York, Frankfurt, Madrid, Paris, and Luxembourg. It has total AUM of €9.9 billion and currently has over 90 investment professionals specializing in sourcing, structuring, and managing credit investments. In January 2018, Hayfin completed the acquisition of Kingsland Capital Management LLC (Kingsland). Kingsland was founded in 2005 and has a 13-year track record issuing $4 billion of CLOs across nine vehicles. Upon closing of the acquisition, Kingsland was renamed Hayfin Capital Management LLC and operates as a wholly-owned subsidiary of Hayfin in New York.