By Cristal Cody
Tupelo, Miss., June 19 – HPS Investment Partners, LLC priced $457.35 million of notes due July 20, 2030 in the manager’s first collateralized loan obligation offering of the year, according to a market source.
HPS Loan Management 14-2019 Ltd./HPS Loan Management 14-2019 LLC sold $4.5 million of class X floating-rate notes at Libor plus 60 basis points, $279 million of class A-1 floating-rate notes at Libor plus 127 bps and $17.9 million of class A-2 floating-rate notes at Libor plus 152 bps.
The CLO also priced $45 million of class B floating-rate notes at Libor plus 170 bps, $27.1 million of class C floating-rate notes at Libor plus 250 bps, $27 million of class D floating-rate notes at Libor plus 345 bps, $18 million of class E floating-rate notes at Libor plus 675 bps, $6.55 million of class F floating-rate notes at Libor plus 838 bps and $32.3 million of subordinated notes.
Citigroup Global Markets Inc. was the placement agent.
HPS Investment Partners CLO (UK) LLP will manage the CLO.
The CLO has a one-year non-call period and a three-year reinvestment period.
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 14-2019 Ltd./HPS Loan Management 14-2019 LLC
|
| Amount: | $457.35 million
|
| Maturity: | July 20, 2030
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | HPS Investment Partners CLO (UK) LLP
|
| Call feature: | One year
|
| Pricing date: | May 30
|
| Settlement date: | June 28
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class X notes
|
| Amount: | $4.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 60 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1 notes
|
| Amount: | $279 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 127 bps
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $17.9 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 152 bps
|
| Ratings: | S&P: Non-rated
|
| Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $45 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $27.1 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 250 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $27 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 345 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $18 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 675 bps
|
| Rating: | S&P: BB-
|
|
|
| Class F notes
|
| Amount: | $6.55 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 838 bps
|
| Rating: | S&P: B-
|
|
|
| Equity
|
| Amount: | $32.3 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
© 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.
