Chicago, Jan. 28 – HPS Investment Partners CLO (UK), LLP repriced four classes of notes for €335 million in its Aqueduct European CLO 1-2017 DAC transaction due June 10, 2030, according to a market source.
The CLO sold €234 million of class A-R senior secured floating-rate notes at Euribor plus 70 basis points, €54 million of class B-R senior secured floating-rate notes at Euribor plus 140 bps, €27 million of class C-R senior secured deferrable floating-rate notes at Euribor plus 185 bps and €20 million of class D-R senior secured deferrable floating-rate notes at Euribor plus 295 bps.
Proceeds from the financing will be used to redeem the original notes.
Three classes of subordinated notes will remain outstanding.
In the original transaction, the CLO sold €234 million of class A senior secured floating-rate notes at par to yield Euribor plus 85 bps; €54 million of class B senior secured floating-rate notes at par to yield Euribor plus 150 bps; €27 million of class C senior secured deferrable floating-rate notes at par to yield Euribor plus 210 bps; €20 million of class D senior secured deferrable floating-rate notes at par to yield Euribor plus 320 bps; €24 million of class E senior secured deferrable floating-rate notes at 95.93 and a coupon of Euribor plus 520 bps; €11.3 million of class F senior secured deferrable floating-rate notes at 93.45 and a coupon of Euribor plus 680 bps and €40.7 million of subordinated notes.
HPS Investment Partners CLO (UK) will continue to manage the CLO.
The reinvestment period still ends June 29, 2021. HPS Investment Partners will continue to manage the portfolio through the remaining few months of the reinvestment period.
The deal is backed primarily by euro-denominated broadly syndicated senior secured loans and bonds.
HPS Investment Partners CLO (UK) is a subsidiary of New York-based investment firm HPS Investment Partners LLC.
| Issuer: | Aqueduct European CLO 1-2017 DAC
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| Amount: | €335 million refinancing
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| Maturity: | June 10, 2030
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| Securities: | Fixed-rate, floating-rate and subordinated notes
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| Structure: | Cash flow CLO
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| Manager: | HPS Investment Partners CLO (UK), LLP
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| Announcement date: | Jan. 28
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| Class A-R notes
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| Amount: | €234 million
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| Securities: | Senior secured floating-rate notes
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| Coupon: | Euribor plus 70 bps
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| Ratings: | Moody’s: Aaa
|
|
|
| Class B-R notes
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| Amount: | €54 million
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| Securities: | Senior secured floating-rate notes
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| Coupon: | Euribor plus 140 bps
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| Ratings: | Moody’s: Aa2
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| Class C-R notes
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| Amount: | €27 million
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| Securities: | Senior secured deferrable floating-rate notes
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| Coupon: | Euribor plus 185 bps
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| Ratings: | Moody’s: A2
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| Class D-R notes
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| Amount: | €20 million
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| Securities: | Senior secured deferrable floating-rate notes
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| Coupon: | Euribor plus 295 bps
|
| Ratings: | Moody’s: Baa2
|
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