By William Gullotti and Cristal Cody
Buffalo, N.Y., Jan. 24 – HPS Corporate Lending Fund sold $550 million of 6.75% senior notes due Jan. 30, 2029 (Baa3/BBB-) on Tuesday, according to information provided by a market source.
The notes priced at Treasuries plus 295 basis points, under initial guidance in the Treasuries plus 325 bps area.
BofA Securities, Inc., BNP Paribas Securities Corp., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and SMBC Nikko Securities America Inc. are the bookrunners.
According to S&P Global Ratings, the fund expects to use the proceeds to expand its investment portfolio, for general corporate purposes, and to repay outstanding debt under its secured credit facilities, which had $751 million outstanding on the revolver and $1.58 billion outstanding on other secured facilities as of Sept. 30.
HPS is a New York-based fund that seeks to invest primarily in newly originated senior secured debt and debt securities.
| Issuer: | HPS Corporate Lending Fund
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| Amount: | $550 million
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| Issue: | Senior notes
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| Maturity: | Jan. 30, 2029
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| Bookrunners: | BofA Securities, Inc., BNP Paribas Securities Corp., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and SMBC Nikko Securities America Inc.
|
| Coupon: | 6.75%
|
| Spread: | Treasuries plus 295 bps
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| Pricing date: | Jan. 23
|
| Ratings: | Moody’s: Baa3
|
| S&P: BBB-
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| Initial talk: | Treasuries plus 325 bps area
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