Chicago, Jan. 25 HPS Investment Partners CLO (UK) LLP refinanced and extended for 409.1 million the collateralized loan obligation issued by Aqueduct European CLO 5-2020 DAC, according to a document.
The notes will mature on April 20, 2034.
The CLO now consists of 248 million of class A senior secured floating-rate notes at Euribor plus 103 basis points, 26 million of class B-1 senior secured floating-rate notes at Euribor plus 170 bps, 12 million of class B-2 1.95% senior secured fixed-rate notes, 29 million of class C senior secured deferrable floating-rate notes at Euribor plus 200 bps, 27 million of class D senior secured deferrable floating-rate notes at Euribor plus 300 bps, 20 million of class E senior secured deferrable floating-rate notes at Euribor plus 591 bps, 11 million of class F senior secured deferrable floating-rate notes at Euribor plus 845 bps, 17.9 million subordinated M-1 notes, 18.1 million subordinated M-2 notes and 100,000 subordinated M-3 notes.
The original deal had 234 million of class A floating-rate notes at Euribor plus 145 bps, 25 million of class B-1 floating-rate notes at Euribor plus 200 bps and 15 million of 2.45% class B-2 fixed-rate notes.
Aqueduct European CLO 5 also priced 30 million of class C floating-rate notes at Euribor plus 280 bps, 24 million of class D floating-rate notes Euribor plus 380 bps, 20 million of class E floating-rate notes Euribor plus 602 bps and 10 million of class F floating-rate notes at Euribor plus 727 bps.
The deal included 17.91 million of class M-1 subordinated notes, 18.1 million of class M-2 subordinated notes and 100,000 of class M-3 subordinated notes as equity.
HPS Investment Partners CLO (UK) LLP will manage the collateral through the end of the reinvestment period on April 20, 2026.
The deal is backed primarily by euro-denominated broadly syndicated senior secured loans and bonds.
The notes can be called starting April 20, 2023.
BNP Paribas was the placement agent.
The firm is a subsidiary of New Yorkbased investment firm HPS Investment Partners LLC.
| Issuer: | Aqueduct European CLO 5-2020 DAC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | 409.1 million
|
| Maturity: | April 20, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | BNP Paribas
|
| Manager: | HPS Investment Partners CLO (UK) LLP
|
| Call feature: | April 20, 2023
|
| Settlement date: | Oct. 19
|
|
|
| Class A notes
|
| Amount: | 248 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 103 bps
|
| Price: | Par
|
| Rating: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | 26 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 170 bps
|
| Price: | Par
|
| Rating: | S&P: AA
|
| Fitch: AA
|
|
|
| Class B-2 notes
|
| Amount: | 12 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 1.95%
|
| Price: | Par
|
| Rating: | S&P: AA
|
| Fitch: AA
|
|
|
| Class C notes
|
| Amount: | 29 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 200 bps
|
| Price: | Par
|
| Rating: | S&P: A
|
| Fitch: A
|
|
|
| Class D notes
|
| Amount: | 27 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 300 bps
|
| Price: | Par
|
| Rating: | S&P: BBB-
|
| Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | 20 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 591 bps
|
| Price: | 99
|
| Rating: | S&P: BB-
|
| Fitch: BB-
|
|
|
| Class F notes
|
| Amount: | 11 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 845 bps
|
| Price: | 97
|
| Rating: | S&P: B-
|
| Fitch: B-
|
|
|
| Equity
|
| Amount: | 17.91 million
|
| Securities: | Class M-1 subordinated notes
|
| Ratings: | Non-rated
|
|
|
| Equity
|
| Amount: | 18.1 million
|
| Securities: | Class M-2 subordinated notes
|
| Ratings: | Non-rated
|
|
|
| Equity
|
| Amount: | 100,000
|
| Securities: | Class M-3 subordinated notes
|
| Ratings: | Non-rated
|
|
|
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