HPS brings manager’s first new CLO of 2017; CQS refinances €338.75 million 2015 CLO

By Cristal Cody

Tupelo, Miss., April 28 – HPS Investment Partners, LLC priced $512.07 million of notes in the CLO manager’s first CLO transaction of the year.

In refinancing action, CQS Management, Ltd. refinanced €338.75 million of notes from a 2015 euro-denominated CLO. The deal is CQS Management’s second CLO refinancing in 2017.

Year to date, more than $71 billion of CLOs have priced and refinanced in the U.S. and European primary markets, according to Prospect News data.

HPS Investment Partners priced $512.07 million of notes due May 6, 2030 in the HPS Loan Management 11-2017 Ltd./HPS Loan Management 11-2017 LLC offering, according to a market source.

HPS Loan Management 11-2017 sold $320 million of class A floating-rate notes at Libor plus 126 basis points in the AAA-rated tranche.

RBC Capital Markets, LLC was the placement agent.

HPS Investment Partners CLO (US), LLC will manage the CLO.

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

Meanwhile, CQS Management sold €338.75 million of notes due April 30, 2029 in six tranches in a refinancing of a euro-denominated CLO transaction, according to a market source and a notice to noteholders on Friday.

Grosvenor Place 2015-1 BV priced €202.75 million of class A-1A-R senior secured floating-rate notes at Euribor plus 85 bps at the top of the capital structure.

Citigroup Global Markets Ltd. arranged the transaction.

CQS Investment Management will manage the CLO.

© 2015 Prospect News.
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