Chicago, March 10 – HPS Investment Partners CLO (UK) LLP refinanced its $465.1 million HPS Loan Management 14-2019 Ltd./HPS Loan Management 14-2019 LLC CLO transaction, according to a pre-sale report.
The refinancing includes $4.5 million of class X-R floating-rate notes at Libor plus 60 basis points, $279 million of class A-1-R floating-rate notes at Libor plus 102 bps and $63 million of class B-R floating-rate notes at Libor plus 140 bps.
Also part of the CLO are $13.5 million of class C-R1 floating-rate notes at Libor plus 180 bps, $13.5 million of class C-R2 3.1% fixed-rate notes, $24.7 million of class D-R floating-rate notes at Libor plus 290 bps, $18 million of class E-R floating-rate notes at Libor plus 615 bps, $6.8 million of class F-R floating-rate notes at Libor plus 877 bps and $42.1 million of subordinated notes.
The refinancing notes mature on Jan. 25, 2034.
Proceeds from the refinancing will be used to redeem the original notes.
The collateral manager is HPS Investment Partners CLO (UK) LLP during the 4.9-year reinvestment period.
The notes cannot be called for 1.9 years.
J.P. Morgan Securities LLC is the arranger.
The subsidiary of Highbridge Capital Management, LLC is based in New York City.
| Issuers: | HPS Loan Management 14-2019 Ltd./HPS Loan Management 14-2019 LLC
|
| Amount: | $465.1 million
|
| Maturity: | Jan. 25, 2034
|
| Securities: | Floating-rate, fixed-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Manager: | HPS Investment Partners CLO (UK) LLP
|
| Call: | After 1.9 years
|
| Pricing date: | March 9
|
| Settlement date: | March 17
|
|
|
| Class X-R notes
|
| Amount: | $4.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 60 bps
|
| Rating: | S&P: Non-rated
|
| Fitch: AAA
|
|
|
| Class A-1-R notes
|
| Amount: | $279 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 102 bps
|
| Rating: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class B-R notes
|
| Amount: | $63 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 140 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R1 notes
|
| Amount: | $13.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 180 bps
|
| Rating: | S&P: A
|
|
|
| Class C-R2 notes
|
| Amount: | $13.5 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 3.1%
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $24.7 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 290 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R notes
|
| Amount: | $18 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 615 bps
|
| Rating: | S&P: BB-
|
|
|
| Class F-R notes
|
| Amount: | $6.8 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 877 bps
|
| Rating: | S&P: B-
|
|
|
| Subordinated notes
|
| Amount: | $42.1 million
|
| Securities: | Subordinated notes
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
