HPS Corporate Lending Fund gets $600 million revolver for three years

By Rebecca Melvin

Concord, N.H., Feb. 4 – HLEND Holdings A. LP, a subsidiary of HPS Corporate Lending Fund, entered into a senior secured revolving credit facility maturing in three years, according to an 8-K filed with the Securities and Exchange Commission.

The initial principal amount under the Feb. 3 agreement is $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 loans will bear interest at SOFR plus 210 basis points, After the expiration of a three-year reinvestment period, the applicable margin on outstanding advances will be increased by 10 bps per year.

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

Proceeds from borrowings under the revolving credit facility may be used to fund portfolio investments by HLEND Holdings, to make advances under revolving loans or delayed draw term loans where HLEND Holdings is a lender (or fund an account to establish reserves for such amounts), to pay certain fees and expenses and to make distributions to the fund, subject to certain conditions.

Morgan Stanley Senior Funding Inc., is administrative agent, U.S. Bank Trust Co., NA, is collateral agent, and U.S. Bank NA is 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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