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Prospect News home > News index > List of issuers H > Headlines for HPS Loan Management 4-2014 LLC > News item
Published on 1/30/2018 in the Prospect News CLO Daily.

HPS Investment details $524.55 million CLO reset; refinancing pace off to strong start

By Cristal Cody

Tupelo, Miss., Jan. 30 – HPS Investment Partners CLO (US), LLC came to the primary market early in 2018 to refinance a vintage CLO.

The management firm priced $524.55 million of notes in a refinancing and reset of a 2014 transaction.

More than $9 billion of vintage CLOs have been refinanced year to date, according to BofA Merrill Lynch.

New issuance has started off slowly but is picking up with more than $2 billion of new CLOs priced in January.

In other activity, non-high-grade trading in the securitized secondary market was light to start the week. On Monday, $131.39 million of high-grade CBO/CDO/CLO issues and $88.25 million of non-investment-grade securities were traded, according to data from Trace.

HPS refinances CLO

HPS Investment Partners CLO (US) priced $524.55 million of notes in a refinancing and reset of a vintage 2014 CLO offering, according to a market source and a notice of executed first supplemental indenture on Monday.

HPS Loan Management 4-2014 Ltd./HPS Loan Management 4-2014 LLC sold $5.3 million of class X senior secured floating-rate notes at Libor plus 65 basis points, $313.5 million of class A1-R senior secured floating-rate notes at Libor plus 103 bps and $101.75 million of class A2-R senior secured floating-rate notes at Libor plus 150 bps at the top of the capital stack.

Goldman Sachs & Co. LLC was the refinancing placement agent.

The maturity on the notes was extended to Jan. 28, 2030 from the original July 28, 2025 maturity.

The original CLO was issued on Aug. 28, 2014.

The subsidiary of Highbridge Capital Management, LLC is based in New York City.


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