HPS prices €411 million Aqueduct CLO; Blackstone/GSO, Allstate refinance 2014 CLOs

By Cristal Cody

Tupelo, Miss., May 15 – CLO managers priced a new CLO and refinanced a vintage CLO in the European deal market.

HPS Investment Partners CLO (UK), LLP priced €411 million of notes in the new transaction.

Blackstone/GSO Debt Funds Management Europe Ltd. refinanced €404,375,000 of notes from a 2014 offering.

In the U.S. deal market, Allstate Investment Management Co. refinanced $483.45 million of notes from a 2014 CLO.

HPS prices €411 million

HPS Investment Partners CLO (UK) 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 in the senior tranche.

Citigroup Global Markets Ltd. was the placement agent.

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.

Blackstone/GSO refinances

Blackstone/GSO Debt Funds Management Europe refinanced €404,375,000 of notes due May 14, 2027 in the vintage 2014 Holland Park CLO DAC transaction, according to a market source.

The CLO sold €291,875,000 of class A-1R senior secured floating-rate notes at Euribor plus 93 bps in the senior slice.

BNP Paribas, London Branch was the refinancing agent.

In the original transaction priced on April 3, 2014, the CLO sold €291,875,000 of class A-1 senior secured floating-rate notes at Euribor plus 140 bps.

Proceeds from the offering will be used to redeem the original notes.

The CLO is collateralized primarily by European leveraged loans and bonds.

Blackstone/GSO priced three new euro-denominated CLO transactions in 2016.

The Dublin-based manager is an affiliate of Blackstone Group LP.

Allstate refinances $483.45 million

Allstate Investment Management priced $483.45 million of notes due July 20, 2026 in a refinancing of a vintage 2014 broadly syndicated CLO deal, according to a notice to holders.

Aimco CLO, Series 2014-A/Aimco CLO, Series 2014-A LLC sold $343.75 million of class A-R senior secured floating-rate notes at Libor plus 110 bps at the top of the capital stack.

Deutsche Bank Securities Inc. was the refinancing agent.

In the original transaction priced in May 2014, the CLO sold $343.75 million of the class A floating-rate notes at Libor plus 154 bps.

Proceeds will be used to redeem the original notes on May 19.

Allstate Investment Management has priced one new CLO and refinanced one vintage CLO year to date. The CLO manger previously was in the primary market in 2015.

The Northbrook, Ill.-based firm is a subsidiary of Allstate Corp.

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