Highbridge offers $406.75 million of notes in Highbridge Loan Management 8-2016 CLO

By Cristal Cody

Eureka Springs, Ark., March 2 – Highbridge Principal Strategies LLC plans to price $406.75 million of notes due April 20, 2027 in the Highbridge Loan Management 8-2016 Ltd./Highbridge Loan Management 8-2016 LLC deal, according to details from a market source.

The transaction includes $3 million of class X senior secured floating-rate notes (Aaa/AAA), $248 million of class A senior secured floating-rate notes (Aaa/AAA), $36 million of class B-1 senior secured floating-rate notes (/AA) and $20 million of class B-2 senior secured fixed-rate notes (/AA).

The deal also includes $14 million of class C-1 mezzanine secured deferrable floating-rate notes (/A); $10 million of class C-2 mezzanine secured deferrable fixed-rate notes; $20 million of class D mezzanine secured deferrable floating-rate notes (/BBB-); $18 million of class E junior secured deferrable floating-rate notes (/BB-) and $37.75 million of subordinated notes.

Morgan Stanley & Co. LLC is the placement agent.

Highbridge Principal Strategies will manage the CLO, which is non-callable until April 20, 2018.

The reinvestment period on the CLO ends Oct. 20, 2020.

The CLO is backed by broadly syndicated senior secured loans.

Highbridge closed on three CLO deals in 2015.

The subsidiary of Highbridge Capital Management, LLC is based in New York City.

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