Highbridge set to price $468.5 million of notes in Highbridge Loan Management 7 CLO offering

By Cristal Cody

Tupelo, Miss., Oct. 21 – Highbridge Principal Strategies LLC plans to price $468.5 million of notes due Nov. 15, 2026 in a collateralized loan obligation transaction, according to a market source.

The Highbridge Loan Management 7-2015 Ltd./Highbridge Loan Management 7-2015 LLC deal includes $310 million of class A floating-rate notes (/AAA/); $70 million of class B floating-rate notes (/AA/); $30.5 million of class C floating-rate notes (/A/); $27 million of class D floating-rate notes (/BBB/); $23.5 million of class E floating-rate notes (/BB/); $7.5 million of class F floating-rate notes (/B/) and $44.5 million of subordinated notes.

BNP Paribas Securities Corp. is the placement agent.

Highbridge Principal Strategies will manage the CLO, which is collateralized primarily by broadly syndicated senior secured loans.

The CLO has a non-call period that ends on Nov. 15, 2017. The reinvestment period ends on May 15, 2020.

Highbridge Principal Strategies has priced one CLO in 2015.

The New York City-based affiliate of Highbridge Capital Management, LLC brought two CLO deals in 2014.

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