By Cristal Cody
Tupelo, Miss., May 15 – HPS Investment Partners CLO (UK), LLP priced €411 million of notes due June 10, 2030 in the Aqueduct European CLO 1-2017 DAC transaction, according to a market source.
The CLO sold €234 million of class A senior secured floating-rate notes at par to yield Euribor plus 85 basis points; €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.
Citigroup Global Markets Ltd. was the placement agent.
HPS Investment Partners CLO (UK) will manage the CLO.
The CLO has a non-call period that ends June 29, 2019. The reinvestment period ends June 29, 2021.
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
|
| Amount: | €411 million
|
| Maturity: | June 10, 2030
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Ltd.
|
| Manager: | HPS Investment Partners CLO (UK), LLP
|
| Call feature: | June 29, 2019
|
| Settlement date: | June 22
|
|
|
| Class A notes
|
| Amount: | €234 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 85 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class B notes
|
| Amount: | €54 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 150 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aa2
|
| S&P: AA
|
|
|
| Class C notes
|
| Amount: | €27 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 210 bps
|
| Price: | Par
|
| Ratings: | Moody’s: A2
|
| S&P: A
|
|
|
| Class D notes
|
| Amount: | €20 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 320 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Baa2
|
| S&P: BBB
|
|
|
| Class E notes
|
| Amount: | €24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 520 bps
|
| Price: | 95.93
|
| Ratings: | Moody’s: Ba2
|
| S&P: BB
|
|
|
| Class F notes
|
| Amount: | €11.3 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 680 bps
|
| Price: | 93.45
|
| Ratings: | Moody’s: B2
|
| S&P: B-
|
|
|
| Equity
|
| Amount: | €40.7 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
