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
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Amount: | $510.55 million
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Maturity: | July 15, 2031
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Securities: | Floating-rate and subordinated notes
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Structure: | Cash flow CLO
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Placement agent: | BofA Merrill Lynch
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Manager: | HPS Investment Partners, LLC
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Pricing date: | May 16
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Settlement date: | June 28
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Class A-1A notes
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Amount: | $287.5 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 105 bps
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Rating: | S&P: AAA
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Class A-1B notes
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Amount: | $22.5 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 125 bps
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Rating: | S&P: Non-rated
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Class A-2 notes
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Amount: | $52.5 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 150 bps
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Rating: | S&P: AA
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Class B notes
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Amount: | $42.5 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 185 bps
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Rating: | S&P: A
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Class C notes
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Amount: | $30.75 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 275 bps
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Rating: | S&P: BBB-
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Class D notes
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Amount: | $17.5 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 515 bps
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Rating: | S&P: BB-
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Equity
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Amount: | $57.3 million
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Securities: | Subordinated notes
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Ratings: | Non-rated
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