HPS prices $489.4 million reset of 2013 CLO; BlueMountain prices $393.85 million refinancing

By Cristal Cody

Tupelo, Miss., Oct. 25 – HPS Investment Partners CLO (US), LLC and BlueMountain Capital Management LLC refinanced and reset vintage CLOs.

HPS Investment Partners CLO (US) priced $489.4 million of notes in a refinancing of a 2013 CLO.

BlueMountain Capital Management sold $393.85 million of notes in a 2013 CLO refinancing.

About $140 billion of CLOs have been refinanced, with the bulk in 2013 and 2014 vintages, according to market sources.

HPS refinances 2013-2 CLO

HPS Investment Partners CLO (US) priced $489.4 million of notes in a refinancing and reset of a vintage 2013 CLO, according to a market source and a notice of executed second supplemental indenture on Monday.

HPS Loan Management 2013-2 Ltd./HPS Loan Management 2013-2 LLC sold $278.5 million of class A-1AR senior secured floating-rate notes at Libor plus 116 basis points in the senior tranche.

RBC Capital Markets, LLC was the refinancing placement agent.

The maturity on the notes was extended to Oct. 20, 2029 from the original Oct. 20, 2024 maturity.

The original Highbridge Loan Management 2013-2, Ltd./Highbridge Loan Management 2013-2 LLC vehicle was issued Sept. 2, 2013.

The subsidiary of Highbridge Capital Management, LLC is based in New York City.

BlueMountain prices reset

BlueMountain Capital Management refinanced $393.85 million of notes due Oct. 15, 2026 in a reset of the BlueMountain CLO 2013-2 Ltd./BlueMountain CLO 2013-2 LLC transaction, according to a market source and a notice of executed supplemental indenture dated on Tuesday.

The CLO priced $248.75 million of class A-1-R senior secured floating-rate notes at Libor plus 118 bps at the top of the capital structure.

J.P. Morgan Securities LLC was the refinancing placement agent.

The refinanced notes are due Oct. 22, 2030. The original maturity was January 2025.

The original transaction was issued on July 18, 2013.

BlueMountain Capital Management priced three new CLOs and refinanced two CLOs in 2016.

The management firm is based in New York City.

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