By Cristal Cody
Tupelo, Miss., June 6 – HPS Investment Partners CLO (UK), LLP priced €407.3 million of notes due July 15, 2032 in the new issue Aqueduct European CLO 4-2019 DAC transaction, according to a market source.
The CLO sold €2 million of class X floating-rate notes at Euribor plus 60 basis points, €244 million of class A floating-rate notes at Euribor plus 111 bps, €30 million of class B-1 floating-rate notes Euribor plus 180 bps and €15 million of 2.45% class B-2 fixed-rate notes.
The CLO also priced €23.3 million of class C floating-rate notes at Euribor plus 240 bps, €26 million of class D floating-rate notes Euribor plus 355 bps, €20 million of class E floating-rate notes Euribor plus 555 bps and €11.8 million of class F floating-rate notes at Euribor plus 790 bps.
The deal included €35.2 million of subordinated notes.
Morgan Stanley & Co. International plc was the placement agent.
The CLO is backed primarily by euro-denominated broadly syndicated senior secured loans and bonds.
HPS Investment Partners has priced two new CLOs year to date.
The CLO manager is a subsidiary of New York-based investment firm HPS Investment Partners LLC.
| Issuer: | Aqueduct European CLO 4-2019 DAC
|
| Amount: | €40.4 million
|
| Maturity: | July 15, 2032
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Morgan Stanley & Co. International plc
|
| Manager: | HPS Investment Partners CLO (UK), LLP
|
| Pricing date: | May 24
|
| Settlement date: | July 19
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class X notes
|
| Amount: | €2 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 60 bps
|
| Ratings: | Moody’s: Aaa expected
|
| Fitch: AAA
|
|
|
| Class A notes
|
| Amount: | €244 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 111 bps
|
| Ratings: | Moody’s: Aaa expected
|
| Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | €30 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 180 bps
|
| Ratings: | Moody’s: Aa2 expected
|
| Fitch: AA
|
|
|
| Class B-2 notes
|
| Amount: | €15 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 2.45%
|
| Ratings: | Moody’s: Aa2 expected
|
| Fitch: AA
|
|
|
| Class C notes
|
| Amount: | €23.3 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 240 bps
|
| Ratings: | Moody’s: A2 expected
|
| Fitch: A
|
|
|
| Class D notes
|
| Amount: | €26 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 355 bps
|
| Ratings: | Moody’s: Baa3 expected
|
| Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | €20 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 555 bps
|
| Ratings: | Moody’s: Ba3 expected
|
| Fitch: BB
|
|
|
| Class F notes
|
| Amount: | €11.8 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 790 bps
|
| Ratings: | Moody’s: B3 expected
|
| Fitch: B-
|
|
|
| Equity
|
| Amount: | €35.2 million
|
| Securities: | subordinated notes
|
| Ratings: | Non-rated
|
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