By Wendy Van Sickle
Columbus, Ohio, March 20 – HPS Corporate Lending Fund announced that it priced an offering of $276 million of tranche A notes and $124 million of tranche B notes at par, according to an 8-K filing with the Securities and Exchange Commission.
The tranche A notes priced with an 8.12% interest rate and are due on March 15, 2026. The tranche B notes priced with an 8.17% interest rate and are due on March 15, 2028.
If the notes lose their investment-grade rating, the interest rate will step up to a maximum increase of 200 basis points.
Closing was expected to occur on March 15, but the company said there was no guarantee of successful placement.
In connection with the notes, the fund entered into interest rate swap agreements. For the 2026 notes, the fund will receive a fixed interest rate of 8.12% but pays a floating interest rate of SOFR plus 376.1 bps on $276 million of the notes.
Similarly, on the 2028 notes, the fund will receive a fixed 8.18% rate but pay SOFR plus 424.1 bps on $124 million of the notes.
The New York-based fund seeks to invest primarily in newly originated senior secured debt and debt securities.
| Issuer: | HPS Corporate Lending Fund
|
| Amount: | $400 million
|
| Issue: | Series A senior notes
|
| Trade date: | March 15
|
| Distribution: | Private placement
|
|
|
| Tranche A
|
| Amount: | $276 million
|
| Maturity: | March 15, 2026
|
| Coupon: | 8.12%
|
| Price: | Par
|
|
|
| Tranche B
|
| Amount: | $124 million
|
| Maturity: | March 15, 2028
|
| Coupon: | 8.17%
|
| Price: | Par
|
|
|
© 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.
