[Case study]
Halden Private Credit I
Issuance & transfer agent
A credit manager put 38 senior secured loans into a Luxembourg vehicle and issued notes to 1,204 professional investors. Seven monthly payments since, none late.
$240,000,000
Senior secured notes, Class A
ISSUANCE SUMMARY
Amount
$240,000,000
Instrument
Senior secured notes, Class A
Yield
8.20%
Standard
ERC-3643
Holders
1,204
Days to close
21
Issuer
Halden Capital
Closing
The challenge
Halden Capital had a performing book of senior secured loans to European mid-market companies and a list of investors who wanted it in tickets of $100,000, smaller than its funds allowed. It did not want to build a register, a paying agent desk or an investor portal to serve them.
What we did
We opened Halden Private Credit I S.à r.l., a Luxembourg securitisation vehicle, and issued 240,000 Class A notes of $1,000 as the ERC-3643 token HPC1-A on Ethereum. Brennick & Vos delivered the legal opinion on the notes and their transfer restrictions. Every restriction in the term sheet became a compliance module: professional investors in 24 jurisdictions and accredited investors in the US only, a 180-day lock-up, a 4,000-holder cap. Halden’s counsel signed the mapping line by line before deployment.
The result
The first holder was on the register 21 days after the term sheet was signed. Each month Aldane Fund Services sends the interest collected; we compute every holder’s interest, pay all 1,204 in one transaction and reconcile the total with Larkfield Depositary at 09:00 CET the next morning. Seven monthly payments of $1,640,000 have been made, the last on 15 October 2026. The lock-up ended on 20 September and the notes now trade between eligible holders on Mintage Markets.
Timeline
03 Mar 2026 Term sheet signed by Halden Capital. Day 1.
09 Mar Vehicle opened, board resolutions passed. Day 7.
13 Mar Legal opinion delivered by Brennick & Vos. Day 11.
20 Mar HPC1-A deployed: CountryAllow, MaxHolders(4,000), TimeLock(180 d). Day 18.
24 Mar 240,000 units minted to the register, first holder registered. Day 21.
15 Oct Payment No. 7: $1,640,000 to 1,204 holders, settled in 1 block.
We signed the term sheet on a Tuesday and had a holder three weeks later. The first payment was the surprise: nobody on my team touched it, and the custodian agreed with the register to the cent.
Martin Okonjo
Managing Partner, Halden Capital
21 days
term sheet to first holder
$1.64M monthly
paid to 1,204 holders
0 late payments
seven made since April
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