Chicago, July 20 – HPS Investment Partners, LLC once again refinanced the broadly syndicated collateralized loan obligation deal issued by HPS Loan Management 10-2016, Ltd./HPS Loan Management 10-2016, LLC, according to a pre-sale report.
The $423.75 million of notes now mature. April 20, 2034.
There are $4.5 million of class X senior secured floating-rate notes at Libor plus 90 basis points, $244 million of class A-1-RR senior secured floating-rate notes at Libor plus 114 bps, $6 million of class A-1-J senior secured floating-rate notes at Libor plus 140 bps, $54 million of class A-2-RR senior secured deferrable floating-rate notes at Libor plus 165 bps, $24 million of class B-RR senior secured deferrable floating-rate notes at Libor plus 205 bps, $24 million of class CR senior secured deferrable floating-rate notes at Libor plus 315 bps, $14 million of class DR senior secured deferrable floating-rate notes at Libor plus 641 bps and $5.9 million of class E senior secured deferrable floating-rate notes at Libor plus 902 bps.
There are also $42.15 million of subordinated notes and $5.2 million of additional subordinated notes.
Nomura Securities International Inc. is the placement agent.
The notes can be called starting April 20, 2023.
The reinvestment period ends April 20, 2026. HPS is working as the investment manager during that time.
The CLO is backed primarily by broadly syndicated first-lien senior secured loans and eligible investments.
Founded in 2007, Highbridge Capital was originally formed as a division of Highbridge Capital Management within J.P. Morgan Asset Management and known as Highbridge Principal Strategies.
| Issuers: | HPS Loan Management 10-2016, Ltd./HPS Loan Management 10-2016, LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $423.75 million
|
| Maturity: | April 20, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | Nomura Securities International Inc.
|
| Manager: | HPS Investment Partners, LLC
|
| Call feature: | April 20, 2023
|
| Settlement date: | June 21
|
|
|
| Class X notes
|
| Amount: | $4.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 90 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1-RR notes
|
| Amount: | $244 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 114 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1-J notes
|
| Amount: | $6 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: Libor plus 140 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2-RR notes
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| Amount: | $54 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-RR notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 205 bps
|
| Rating: | S&P: A
|
|
|
| Class CR notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 315 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class DR notes
|
| Amount: | $14 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 641 bps
|
| Rating: | S&P: BB-
|
|
|
| Class E notes
|
| Amount: | $5.9 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 902 bps
|
| Rating: | S&P: B-
|
|
|
| Subordinated notes
|
| Amount: | $42.15 million
|
| Securities: | Subordinated notes
|
|
|
| Additional subordinated notes
|
| Amount: | $5.2 million
|
| Securities: | Subordinated notes
|
|
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