Euro CLO deal market heats up; HPS Investment Partners offers €412.2 million CLO

By Cristal Cody

Tupelo, Miss., Feb. 5 – The European CLO primary market is beginning to awaken in 2019 after seeing a handful of new deals price over the past two weeks, market sources report.

A new €412.2 million CLO deal is in the works from HPS Investment Partners CLO (UK), LLP.

CLO managers Credit Suisse Asset Management Ltd., CELF Advisors LLP and Blackstone/GSO Debt Funds Management Europe Ltd. have priced new euro-denominated CLOs so far this year.

In its deal, HPS Investment Partners CLO (UK) plans to price €412,225,000 of notes due May 2032 in the Aqueduct European CLO 3-2019 DAC transaction, according to a market source.

The deal is expected to include €2 million of class X senior secured floating-rate notes (Aaa//AAA), €240 million of class A senior secured floating-rate notes (Aaa//AAA) and €45.5 million of class B senior secured floating-rate notes (Aa2//AA).

The offering also includes €23.5 million of class C senior secured deferrable floating-rate notes (A2//A), €27.5 million of class D senior secured deferrable floating-rate notes (Baa3//BBB-), €23 million of class E senior secured deferrable floating-rate notes (Ba3//BB-), €9.5 million of class F senior secured deferrable floating-rate notes (B3//B-) and €41,225,000 of subordinated notes.

Citigroup Global Markets Ltd. is the placement agent.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.