Chicago, July 12 – HPS Investment Partners CLO (UK), LLP refinanced for €412.8 million the Aqueduct European CLO 3-2019 DAC transaction, according to an indenture.
The refinancing, with an extended maturity date to Aug. 15, 2034, includes €1.2 million of class X senior secured floating-rate notes at Euribor plus 45 basis points, €186 million of class A senior secured floating-rate notes at Euribor plus 93 bps, €60 million of class A senior secured floating-rate loan at Euribor plus 93 bps, €29.5 million of class B-1 senior secured floating-rate notes at Euribor plus 150 bps and €12 million of class B-2 1.95% senior secured fixed-rate notes.
In the deferrable classes, there are €26.5 million of class C senior secured deferrable floating-rate notes at Euribor plus 200 bps, €26 million of class D senior secured deferrable floating-rate notes at Euribor plus 310 bps, €21.2 million of class E senior secured deferrable floating-rate notes at Euribor plus 593 bps and €11.2 million of class F senior secured deferrable floating-rate notes at Euribor plus 835 bps.
Additionally, there are €39.2 million of class M-1 subordinated notes.
There are also €2 million class Z notes and €100,000 class M-3 notes that were not part of the refinancing but will pick up the extended maturity date.
Jefferies International Ltd. was the initial purchaser.
The reinvestment period ends Feb. 14, 2026, through which time HPS will manage the collateral.
Collateral must be at least 90% senior secured obligations and at least 70% senior secured loans.
The notes can be called after Dec. 29, 2022.
HPS Investment Partners CLO (UK) is a subsidiary of New York-based investment firm HPS Investment Partners LLC.
| Issuer: | Aqueduct European CLO 3-2019 DAC
|
| Issue: | Floating-rate notes, floating-rate loan, fixed-rate notes and subordinated notes
|
| Amount: | €412.8 million
|
| Maturity: | Aug. 15, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | Jefferies International Ltd.
|
| Manager: | HPS Investment Partners CLO (UK), LLP
|
| Call feature: | Dec. 29, 2022
|
| Settlement date: | June 29
|
|
|
| Class X notes
|
| Amount: | €1.2 million
|
| Securities: | Senior Secured floating-rate notes
|
| Coupon: | Euribor plus 45 bps
|
| Price: | Par
|
| Ratings: | Moody's: Aaa
|
| Fitch: AAA
|
|
|
| Class A notes
|
| Amount: | €186 million
|
| Securities: | Senior Secured floating-rate notes
|
| Coupon: | Euribor plus 93 bps
|
| Price: | Par
|
| Ratings: | Moody's: Aaa
|
| Fitch: AAA
|
|
|
| Class A loan
|
| Amount: | €60 million
|
| Securities: | Senior Secured floating-rate loan
|
| Coupon: | Euribor plus 93 bps
|
| Ratings: | Moody's: Aaa
|
| Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | €29.5 million
|
| Securities: | Senior Secured floating-rate notes
|
| Coupon: | Euribor plus 150 bps
|
| Price: | Par
|
| Ratings: | Moody's: Aa2
|
| Fitch: AA
|
|
|
| Class B-2 notes
|
| Amount: | €12 million
|
| Securities: | Senior Secured fixed-rate notes
|
| Coupon: | 1.95%
|
| Price: | Par
|
| Ratings: | Moody's: Aa2
|
| Fitch: AA
|
|
|
| Class C notes
|
| Amount: | €26.5 million
|
| Securities: | Senior Secured Deferrable floating-rate notes
|
| Coupon: | Euribor plus 200 bps
|
| Price: | Par
|
| Ratings: | Moody's: A2
|
| Fitch: A
|
|
|
| Class D notes
|
| Amount: | €26 million
|
| Securities: | Senior Secured Deferrable floating-rate notes
|
| Coupon: | Euribor plus 310 bps
|
| Price: | Par
|
| Ratings: | Moody's: Baa3
|
| Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | €21.2 million
|
| Securities: | Senior Secured Deferrable floating-rate notes
|
| Coupon: | Euribor plus 593 bps
|
| Price: | 99.5
|
| Ratings: | Moody's: Ba3
|
| Fitch: BB-
|
|
|
| Class F notes
|
| Amount: | €11.2 million
|
| Securities: | Senior Secured Deferrable floating-rate notes
|
| Coupon: | Euribor plus 835 bps
|
| Price: | 97
|
| Ratings: | Moody's: B3
|
| Fitch: B-
|
|
|
| Class M-1 subordinated notes
|
| Amount: | €39.2 million
|
| Price: | 70
|
| Securities: | Subordinated notes
|
|
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