Chicago, Nov. 16 – HPS Investment Partners LLC sold $408.6 million in a collateralized loan obligation being issued by Strata CLO II Ltd./Strata CLO II LLC, according to a pre-sale report.
The notes will mature on Oct. 20, 2033 for the secured notes and Oct. 20, 2121 for the subordinated notes.
The CLO consists of $200 million of class A-1 senior secured floating-rate notes at Libor plus 159 basis points, $20 million of class A-2 senior secured floating-rate notes at Libor plus 175 bps, $52 million of class B senior secured floating-rate notes at Libor plus 205 bps, $39 million of class C senior secured deferrable floating-rate notes at Libor plus 285 bps, $26 million of class D senior secured deferrable floating-rate notes at Libor plus 435 bps, $16 million of class E senior secured deferrable floating-rate notes at Libor plus 799 bps and $55.6 million of subordinated notes..
HPS Investment Partners LLC will manage the collateral through the end of the reinvestment period on Oct. 20, 2025.
The collateral consists of senior secured loans, cash and eligible investments.
The notes can be called starting Oct. 20, 2023.
BofA Securities Inc. was the placement agent.
The subsidiary of Highbridge Capital Management, LLC is based in New York City.
| Issuer: | Strata CLO II Ltd./Strata CLO II LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $408.6 million
|
| Maturity: | Oct. 20, 2033 for the secured notes and Oct. 20, 2121 for the subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Securities Inc.
|
| Manager: | HPS Investment Partners LLC
|
| Call feature: | Oct. 20, 2023
|
| Settlement date: | Oct. 12
|
|
|
| Class A-1 notes
|
| Amount: | $200 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 159 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $20 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $52 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 205 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $39 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 285 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $26 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 435 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $16 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 799 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $55.6 million
|
| Securities: | Subordinated notes
|
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