By Cristal Cody
Tupelo, Miss., May 22 – HPS Investment Partners, LLC priced $510.55 million of notes due July 15, 2031 in a new collateralized loan obligation offering, according to a market source.
HPS Loan Management 12-2018 Ltd./HPS Loan Management 12-2018 LLC sold $287.5 million of class A-1A floating-rate notes at Libor plus 105 basis points, $22.5 million of class A-1B floating-rate notes at Libor plus 125 bps and $52.5 million of class A-2 floating-rate notes at Libor plus 150 bps.
The CLO priced $42.5 million of class B floating-rate notes at Libor plus 185 bps, $30.75 million of class C floating-rate notes at Libor plus 275 bps, $17.5 million of class D floating-rate notes at Libor plus 515 bps and $57.3 million of subordinated notes.
BofA Merrill Lynch was the placement agent.
HPS Investment Partners will manage the CLO.
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 12-2018 Ltd./HPS Loan Management 12-2018 LLC
|
| Amount: | $510.55 million
|
| Maturity: | July 15, 2031
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Merrill Lynch
|
| Manager: | HPS Investment Partners, LLC
|
| Pricing date: | May 16
|
| Settlement date: | June 28
|
|
|
| Class A-1A notes
|
| Amount: | $287.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 105 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1B notes
|
| Amount: | $22.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 125 bps
|
| Rating: | S&P: Non-rated
|
|
|
| Class A-2 notes
|
| Amount: | $52.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 150 bps
|
| Rating: | S&P: AA
|
|
|
| Class B notes
|
| Amount: | $42.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 185 bps
|
| Rating: | S&P: A
|
|
|
| Class C notes
|
| Amount: | $30.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 275 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class D notes
|
| Amount: | $17.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 515 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $57.3 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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