HPS prices CLO, adopts Libor language; Och-Ziff, Hayfin print; Medalist reprices notes

By Cristal Cody

Tupelo, Miss., Aug. 6 – HPS Investment Partners, LLC priced $507.35 million of notes in the manager’s second CLO offering of 2019.

With the new CLO, HPS Investment Partners also is among the first CLO managers to adopt new Libor fallback language in the event the benchmark rate is phased out, according to a Covenant Review, LLC research report.

In other new CLO issuance, Och-Ziff Loan Management LP priced a $406.7 million deal.

Also, Hayfin Capital Management LLC sold €410.8 million of notes in a euro-denominated CLO offering.

Looking at the refinancing market, Medalist Partners Corporate Finance LLC, formerly known as JMP Credit Advisors LLC, repriced $285.75 million of the AAA-rated notes from a vintage 2017 CLO.

In its deal, HPS Investment Partners priced $507.35 million of notes due July 22, 2032 in the manager’s second CLO offering year to date, according to a market source.

HPS Loan Management 15-2019 Ltd./HPS Loan Management 15-2019 LLC sold $307.5 million of class A-1 floating-rate notes at Libor plus 132 basis points and $17.5 million of class A-2 floating-rate notes at Libor plus 167 bps in the senior tranches.

BofA Securities, Inc. was the placement agent.

The deal is backed primarily by broadly syndicated first-lien senior secured loans.

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