HPS prices $457.35 million; ArrowMark refinances; MidCap eyes new CLO; secondary active

By Cristal Cody

Tupelo, Miss., June 19 – HPS Investment Partners, LLC priced $457.35 million of notes in the manager’s first broadly syndicated CLO offering this year.

HPS Loan Management 14-2019 Ltd./HPS Loan Management 14-2019 LLC priced $279 million of class A-1 floating-rate notes at Libor plus 127 basis points and $17.9 million of class A-2 floating-rate notes at Libor plus 152 bps.

Meanwhile, ArrowMark Colorado Holdings LLC refinanced $367.75 million of notes from a 2015 vintage broadly syndicated CLO.

In the middle market, MidCap Financial Services Capital Management LLC is offering $509.1 million of notes in its first CLO transaction of 2019.

Year to date, about $50 billion of broadly syndicated CLOs and nearly $7 billion of middle-market CLOs have priced, according to market sources.

About $18 billion of vintage CLOs have been refinanced, reset and or reissued year to date.

In other activity, secondary market volume rose while prices declined over the past session.

On Tuesday, $306.64 million of high-grade CBO/CDO/CLO issues and $170.78 million of lower-rated issues were traded, according to Trace data.

On Monday, about $128.43 million of high-grade CBO/CDO/CLO issues and $39.64 million of non-high-grade issues traded.

The average trading price on high-grade securities on Tuesday was 99.30, while the non-high-grade CBO/CDO/CLO issues had an average 91.70 trading price.

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