HPS Investment markets $519.06 million notes in new 13-2018 CLO deal

By Cristal Cody

Tupelo, Miss., Aug. 23 – HPS Investment Partners, LLC plans to price $519.06 million of notes due Oct. 15, 2031 in a new collateralized loan obligation offering, according to a market source.

The HPS Loan Management 13-2018 Ltd./HPS Loan Management 13-2018 LLC offering includes $4.1 million of class X floating-rate notes (/AAA/); $303 million of class A-1 floating-rate notes (/AAA/); $28.5 million of class A-2 floating-rate notes (/non-rated/); $47.69 million of class B floating-rate notes (/AA/); $35.45 million of class C floating-rate notes (/A/); $31.37 million of class D floating-rate notes (/BBB-/); $18.25 million of class E floating-rate notes (/BB-/); $9.18 million of class F floating-rate notes (/B-/) and $41.52 million of subordinated notes.

Deutsche Bank Securities Inc. is the placement agent.

HPS Investment Partners will manage the CLO.

The CLO has a two-year non-call period and a five-year reinvestment period.

The deal is backed primarily by broadly syndicated first-lien senior secured loans.

The offering is expected to settle on Oct. 15.

HPS Investment Partners has priced one new CLO year to date.

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

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