Highbridge to price $518.5 million Highbridge Loan Management 5 CLO

By Cristal Cody

Tupelo, Miss., Dec. 10 – Highbridge Principal Strategies LLC plans to price $518.5 million of notes due Jan. 21, 2026 in a collateralized loan obligation transaction, according to a market source.

The Highbridge Loan Management 5-2015 Ltd./Highbridge Loan Management 5-2015 LLC offering includes $3 million of class X floating-rate notes (/AAA/); $309 million of class A floating-rate notes (/AAA/); $68.5 million of class B floating-rate notes (/AA); $34 million of class C deferrable floating-rate notes (/A/); $27.75 million of class D deferrable floating-rate notes (/BBB/); $21.25 million of class E deferrable floating-rate notes (/BB/); $8.75 million of class F deferrable floating-rate notes (/B/) and $46.25 million of subordinated notes.

Morgan Stanley & Co. LLC is the placement agent.

Highbridge Principal Strategies will manage the CLO.

The CLO is non-callable until Jan. 21, 2017. The reinvestment period ends Jan. 21, 2019.

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

The transaction is expected to close on Jan. 15.

Highbridge was last in the primary market on July 22 with the $513.5 million Highbridge Loan Management 4-2014 Ltd./Highbridge Loan Management 4-2014 LLC deal.

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

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