HPS Corporate Lending Fund units get $500 million five-year revolver

By William Gullotti

Buffalo, N.Y., July 25 – HPS Corporate Lending Fund’s wholly owned subsidiaries Hlend Holdings B, LP and Hlend Holdings B GP, LLC entered into a $500 million secured revolving credit facility on July 19, according to an 8-K filed with the Securities and Exchange Commission.

The parent company will act as servicer for the revolver, which matures July 19, 2027.

Revolver borrowings will bear interest at SOFR, Sonia, Euribor, CDOR, BBSY, Stibor, Cibor, Nibor or BKBM plus a 175 basis point margin for broadly syndicated loans (BSL). The margin will be 230 bps for non-BSL borrowings. In each case, interest is subject to a blended floor of 2.15% plus a credit spread management adjustment, based on currency, of up to 15 bps.

Facility proceeds may be used to fund portfolio investments by either Holdings entity, to make advances under revolving loans or delayed-draw term loans where one of the Holdings entities are listed as lender, to pay certain fees/expenses and to make distributions, subject to certain conditions.

Bank of America, NA is the administrative agent.

BofA Securities, Inc. is the lead manager and book manager.

U.S. Bank Trust Co., NA is the collateral administrator with U.S. Bank NA as collateral custodian.

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

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