Highbridge prepares to offer $513.5 million of notes in CLO deal

By Cristal Cody

Tupelo, Miss., June 25 – Highbridge Principal Strategies LLC plans to price $513.5 million of notes due July 28, 2026 in a collateralized loan obligation deal, according to a market source.

The Highbridge Loan Management 4-2014 Ltd./Highbridge Loan Management 4-2014 LLC transaction includes $310 million of class A-1 floating-rate notes (/AAA/); $42 million of class A-2A floating-rate notes (/AA/); $20 million of class A-2B fixed-rate notes (/AA/); $38 million of class B deferrable floating-rate notes (/A/); $27.5 million of class C deferrable floating-rate notes (/BBB/); $22 million of class D deferrable floating-rate notes (/BB/); $9.5 million of class E deferrable floating-rate notes (/B/) and $44.5 million of subordinated notes.

BofA Merrill Lynch is the placement agent.

Highbridge Principal Strategies will manage the CLO.

The CLO will have a two-year non-call period and a four-year reinvestment period.

The deal is backed primarily by a revolving pool of broadly syndicated senior secured loans.

The transaction is expected to close on Aug. 21.

Highbridge was last in the primary market in December with the $409.7 million Highbridge Loan Management 3-2014 Ltd./Highbridge Loan Management 3-2014 LLC offering.

The New York City-based affiliate of Highbridge Capital Management, LLC priced two CLO deals in 2013.

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