By Cristal Cody
Tupelo, Miss., Aug. 6 – HPS Investment Partners, LLC priced $507.35 million of notes due July 22, 2032 in the manager’s second collateralized loan obligation offering year to date, according to a market source.
HPS Loan Management 15-2019 Ltd./HPS Loan Management 15-2019 LLC sold $307.5 million of class A-1 floating-rate notes at Libor plus 132 basis points, $17.5 million of class A-2 floating-rate notes at Libor plus 167 bps and $50 million of class B floating-rate notes at Libor plus 180 bps.
The CLO also priced $35 million of class C deferrable floating-rate notes at Libor plus 270 bps, $27.5 million of class D deferrable floating-rate notes at Libor plus 370 bps, $22.5 million of class E deferrable floating-rate notes at Libor plus 660 bps, $5 million of class F deferrable floating-rate notes at Libor plus 850 bps and $42.35 million of subordinated notes.
BofA Securities, Inc. was the placement agent.
HPS Investment Partners CLO (UK) LLP will manage the CLO.
The CLO has a two-year non-call period and a five-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 15-2019 Ltd./HPS Loan Management 15-2019 LLC
|
| Amount: | $507.35 million
|
| Maturity: | July 22, 2032
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Securities, Inc.
|
| Manager: | HPS Investment Partners CLO (UK) LLP
|
| Call feature: | Two years
|
| Pricing date: | July 26
|
| Settlement date: | Aug. 22
|
|
|
| Class A-1 notes
|
| Amount: | $307.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 132 bps
|
| Ratings: | S&P: AAA
|
| Fitch: AAA expected
|
|
|
| Class A-2 notes
|
| Amount: | $17.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 167 bps
|
| Ratings: | S&P: Non-rated
|
| Fitch: AAA expected
|
|
|
| Class B notes
|
| Amount: | $50 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 180 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $35 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 270 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $27.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 370 bps
|
| Rating: | S&P: BBB
|
|
|
| Class E notes
|
| Amount: | $22.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 660 bps
|
| Rating: | S&P: BB-
|
|
|
| Class F notes
|
| Amount: | $5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 850 bps
|
| Rating: | S&P: B-
|
|
|
| Equity
|
| Amount: | $42.35 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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