HPS Corporate Lending Fund ups three-year revolver to $800 million

By William Gullotti

Buffalo, N.Y., Dec. 29 – HLEND Holdings A. LP, a subsidiary of HPS Corporate Lending Fund, upsized its three-year revolver with Morgan Stanley Senior Funding Inc. as administrative agent to $800 million on Dec. 23, according to an 8-K filed with the Securities and Exchange Commission.

As previously reported, the initial principal amount under the original Feb. 3 agreement was $600 million with an accordion provision to permit increases to the total facility amount up to $1 billion, subject to the satisfaction of certain conditions.

The accordion remained unchanged by the amendment.

In connection with the increase, the interest rate was likewise updated. The loans will bear interest at SOFR plus 240 basis points.

After the expiration of a three-year amortization period, the applicable margin on outstanding advances will still be increased by 10 bps per year.

The maturity date of the revolving loans is still Feb. 2, 2025, on which date all revolving loans will be due and payable in full.

U.S. Bank Trust Co., NA is the collateral agent, and U.S. Bank NA is the account bank and collateral custodian.

The New York-based fund seeks to invest primarily in newly originated senior secured debt and debt securities.

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