By Cristal Cody
Tupelo, Miss., Sept. 3 HPS Investment Partners CLO (UK), LLP issued 394.11 million of notes due April 20, 2032 in the managers first collateralized loan obligation of the year, according to market sources.
Aqueduct European CLO 5-2020 DAC sold 234 million of class A floating-rate notes at Euribor plus 145 basis points, 25 million of class B-1 floating-rate notes at Euribor plus 200 bps and 15 million of 2.45% class B-2 fixed-rate notes.
Aqueduct European CLO 5 also priced 30 million of class C floating-rate notes at Euribor plus 280 bps, 24 million of class D floating-rate notes Euribor plus 380 bps, 20 million of class E floating-rate notes Euribor plus 602 bps and 10 million of class F floating-rate notes at Euribor plus 727 bps.
The deal included 17.91 million of class M-1 subordinated notes, 18.1 million of class M-2 subordinated notes and 100,000 of class M-3 subordinated notes as equity.
BNP Paribas Securities Corp. was the placement agent.
The CLO has a three-year reinvestment period.
The deal is backed primarily by euro-denominated broadly syndicated senior secured loans and bonds.
HPS Investment Partners was last in the primary market in 2019 with two new CLOs.
The firm is a subsidiary of New Yorkbased investment firm HPS Investment Partners LLC.
| Issuer: | Aqueduct European CLO 5-2020 DAC
|
| Amount: | 394.11 million
|
| Maturity: | April 20, 2032
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BNP Paribas Securities Corp.
|
| Manager: | HPS Investment Partners CLO (UK), LLP
|
| Pricing date: | July 24
|
| Settlement date: | Sept. 3
|
|
|
| Class A notes
|
| Amount: | 234 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 145 bps
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | 25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 200 bps
|
| Ratings: | S&P: AA
|
| Fitch: AA
|
|
|
| Class B-2 notes
|
| Amount: | 15 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 2.45%
|
| Ratings: | S&P: AA
|
| Fitch: AA
|
|
|
| Class C notes
|
| Amount: | 30 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 280 bps
|
| Ratings: | S&P: A
|
| Fitch: A
|
|
|
| Class D notes
|
| Amount: | 24 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 380 bps
|
| Ratings: | S&P: BBB-
|
| Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | 20 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 602 bps
|
| Ratings: | S&P: BB-
|
| Fitch: BB-
|
|
|
| Class F notes
|
| Amount: | 10 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 727 bps
|
| Ratings: | S&P: B-
|
| Fitch: B-
|
|
|
| Equity
|
| Amount: | 17.91 million
|
| Securities: | Class M-1 subordinated notes
|
| Ratings: | Non-rated
|
|
|
| Equity
|
| Amount: | 18.1 million
|
| Securities: | Class M-2 subordinated notes
|
| Ratings: | Non-rated
|
|
|
| Equity
|
| Amount: | 100,000
|
| Securities: | Class M-3 subordinated notes
|
| Ratings: | Non-rated
|
|
|
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