By Cristal Cody
Tupelo, Miss., Aug. 6 – HPS Investment Partners, LLC priced $507.35 million of notes due July 22, 2032 in the manager’s second collateralized loan obligation offering year to date, according to a market source.
HPS Loan Management 15-2019 Ltd./HPS Loan Management 15-2019 LLC sold $307.5 million of class A-1 floating-rate notes at Libor plus 132 basis points, $17.5 million of class A-2 floating-rate notes at Libor plus 167 bps and $50 million of class B floating-rate notes at Libor plus 180 bps.
The CLO also priced $35 million of class C deferrable floating-rate notes at Libor plus 270 bps, $27.5 million of class D deferrable floating-rate notes at Libor plus 370 bps, $22.5 million of class E deferrable floating-rate notes at Libor plus 660 bps, $5 million of class F deferrable floating-rate notes at Libor plus 850 bps and $42.35 million of subordinated notes.
BofA Securities, Inc. was the placement agent.
HPS Investment Partners CLO (UK) LLP 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 subsidiary of Highbridge Capital Management, LLC is based in New York City.
Issuer: | HPS Loan Management 15-2019 Ltd./HPS Loan Management 15-2019 LLC
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Amount: | $507.35 million
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Maturity: | July 22, 2032
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Securities: | Floating-rate and subordinated notes
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Structure: | Cash flow CLO
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Placement agent: | BofA Securities, Inc.
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Manager: | HPS Investment Partners CLO (UK) LLP
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Call feature: | Two years
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Pricing date: | July 26
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Settlement date: | Aug. 22
|
|
Class A-1 notes
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Amount: | $307.5 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 132 bps
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Ratings: | S&P: AAA
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| Fitch: AAA expected
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|
Class A-2 notes
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Amount: | $17.5 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 167 bps
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Ratings: | S&P: Non-rated
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| Fitch: AAA expected
|
|
Class B notes
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Amount: | $50 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 180 bps
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Rating: | S&P: AA
|
|
Class C notes
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Amount: | $35 million
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Securities: | Deferrable floating-rate notes
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Coupon: | Libor plus 270 bps
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Rating: | S&P: A
|
|
Class D notes
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Amount: | $27.5 million
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Securities: | Deferrable floating-rate notes
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Coupon: | Libor plus 370 bps
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Rating: | S&P: BBB
|
|
Class E notes
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Amount: | $22.5 million
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Securities: | Deferrable floating-rate notes
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Coupon: | Libor plus 660 bps
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Rating: | S&P: BB-
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|
Class F notes
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Amount: | $5 million
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Securities: | Deferrable floating-rate notes
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Coupon: | Libor plus 850 bps
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Rating: | S&P: B-
|
|
Equity
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Amount: | $42.35 million
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Securities: | Subordinated notes
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Ratings: | Non-rated
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