By Cristal Cody
Tupelo, Miss., March 18 – HPS Investment Partners CLO (UK), LLP closed Friday on the new €411.6 million Aqueduct European CLO 3-2019 DAC transaction, according to a market source.
The CLO sold €2 million of class X senior secured floating-rate notes (Aaa//AAA) at Euribor plus 58 basis points, €240 million of class A senior secured floating-rate notes (Aaa//AAA) at Euribor plus 108 bps and €45.5 million of class B senior secured floating-rate notes (Aa2//AA) at Euribor plus 185 bps.
The CLO also sold €23.5 million of class C senior secured deferrable floating-rate notes (A2//A) at Euribor plus 275 bps; €27.5 million of class D senior secured deferrable floating-rate notes (Baa3//BBB-) at Euribor plus 381 bps; €23 million of class E senior secured deferrable floating-rate notes (Ba3//BB-) at Euribor plus 576 bps and €9.5 million of class F senior secured deferrable floating-rate notes (B3//B-) at Euribor plus 816 bps.
The deal included €40.65 million of subordinated notes in three tranches as equity, including €2 million of class Z notes, €38.5 million of class M1 notes and €100,000 of class M3 notes.
The notes are due May 15, 2032.
Citigroup Global Markets Ltd. was the placement agent.
The deal is backed primarily by euro-denominated broadly syndicated senior secured loans and bonds.
HPS Investment Partners CLO (UK) is a subsidiary of New York-based investment firm HPS Investment Partners LLC.
| Issuer: | Aqueduct European CLO 3-2019 DAC
|
| Amount: | €411.6 million
|
| Maturity: | May 15, 2032
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Ltd.
|
| Manager: | HPS Investment Partners CLO (UK), LLP
|
| Pricing date: | Feb. 8
|
| Settlement date: | March 15
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class X notes
|
| Amount: | €2 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 58 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A notes
|
| Amount: | €240 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 108 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | €45.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 185 bps
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class C notes
|
| Amount: | €23.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 275 bps
|
| Ratings: | Moody’s: A2
|
| Fitch: A
|
|
|
| Class D notes
|
| Amount: | €27.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 381 bps
|
| Ratings: | Moody’s: Baa3
|
| Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | €23 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 576 bps
|
| Ratings: | Moody’s: Ba3
|
| Fitch: BB-
|
|
|
| Class F notes
|
| Amount: | €9.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 816 bps
|
| Ratings: | Moody’s: B3
|
| Fitch: B-
|
|
|
| Class Z equity notes
|
| Amount: | €2 million
|
| Securities: | subordinated notes
|
| Ratings: | Non-rated
|
|
|
| Class M1 equity notes
|
| Amount: | €38.5 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
|
| Class M3 equity notes
|
| Amount: | €100,000
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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