By Cristal Cody
Tupelo, Miss., June 19 – HPS Investment Partners, LLC priced $457.35 million of notes due July 20, 2030 in the manager’s first collateralized loan obligation offering of the year, according to a market source.
HPS Loan Management 14-2019 Ltd./HPS Loan Management 14-2019 LLC sold $4.5 million of class X floating-rate notes at Libor plus 60 basis points, $279 million of class A-1 floating-rate notes at Libor plus 127 bps and $17.9 million of class A-2 floating-rate notes at Libor plus 152 bps.
The CLO also priced $45 million of class B floating-rate notes at Libor plus 170 bps, $27.1 million of class C floating-rate notes at Libor plus 250 bps, $27 million of class D floating-rate notes at Libor plus 345 bps, $18 million of class E floating-rate notes at Libor plus 675 bps, $6.55 million of class F floating-rate notes at Libor plus 838 bps and $32.3 million of subordinated notes.
Citigroup Global Markets Inc. was the placement agent.
HPS Investment Partners CLO (UK) LLP will manage the CLO.
The CLO has a one-year non-call period and a three-year reinvestment period.
The deal is backed primarily by broadly syndicated first-lien senior secured loans.
The subsidiary of Highbridge Capital Management, LLC is based in New York City.
Issuer: | HPS Loan Management 14-2019 Ltd./HPS Loan Management 14-2019 LLC
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Amount: | $457.35 million
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Maturity: | July 20, 2030
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Securities: | Floating-rate and subordinated notes
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Structure: | Cash flow CLO
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Placement agent: | Citigroup Global Markets Inc.
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Manager: | HPS Investment Partners CLO (UK) LLP
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Call feature: | One year
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Pricing date: | May 30
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Settlement date: | June 28
|
Distribution: | Rule 144A and Regulation S
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|
Class X notes
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Amount: | $4.5 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 60 bps
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Rating: | S&P: AAA
|
|
Class A-1 notes
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Amount: | $279 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 127 bps
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Ratings: | S&P: AAA
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| Fitch: AAA
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Class A-2 notes
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Amount: | $17.9 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 152 bps
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Ratings: | S&P: Non-rated
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| Fitch: AAA
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|
Class B notes
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Amount: | $45 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 170 bps
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Rating: | S&P: AA
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|
Class C notes
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Amount: | $27.1 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 250 bps
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Rating: | S&P: A
|
|
Class D notes
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Amount: | $27 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 345 bps
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Rating: | S&P: BBB-
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|
Class E notes
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Amount: | $18 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 675 bps
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Rating: | S&P: BB-
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Class F notes
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Amount: | $6.55 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 838 bps
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Rating: | S&P: B-
|
|
Equity
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Amount: | $32.3 million
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Securities: | Subordinated notes
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Ratings: | Non-rated
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