Chicago, April 5 – HPS Investment Partners CLO (UK) LLP sold $402.7 million in a collateralized loan obligation being issued by HPS Loan Management 2023-17 Ltd./HPS Loan Management 2023-17 LLC, according to a presale report.
The notes will mature on April 23, 2036.
The CLO consists of $127.5 million of class A senior secured floating-rate notes at SOFR plus 190 basis points, $124.5 million of class A-L senior secured floating-rate loans at SOFR plus 190 bps, $0 million of class A-L senior secured floating-rate notes at SOFR plus 190 bps, $39 million of class B-1 senior secured floating-rate notes at SOFR plus 267 bps, $13 million of class B-2 6.39% senior secured fixed-rate notes, $24 million of class C senior secured deferrable floating-rate notes at SOFR plus 330 bps, $20 million of class D senior secured deferrable floating-rate notes at SOFR plus 545 bps, $15 million of class E senior secured deferrable floating-rate notes at SOFR plus 795 bps and $39.7 million of subordinated notes.
HPS Investment Partners CLO (UK) LLP will manage the collateral through the end of the reinvestment period on April 23.
Collateral for the notes consists of syndicated speculative-grade senior secured term loans.
The notes can be called starting March 29, 2025.
BNP Paribas Securities Corp. was the placement agent.
The subsidiary of Highbridge Capital Management, LLC is based in New York City.
| Issuer: | HPS Loan Management 2023-17 Ltd./HPS Loan Management 2023-17 LLC
|
| Issue: | Floating-rate notes, floating-rate loans, fixed-rate notes and subordinated notes
|
| Amount: | $402.7 million
|
| Maturity: | April 23, 2036
|
| Structure: | Cash flow CLO
|
| Placement agent: | BNP Paribas Securities Corp.
|
| Manager: | HPS Investment Partners CLO (UK) LLP
|
| Call feature: | March 29, 2025
|
| Settlement date: | March 29
|
|
|
| Class A notes
|
| Amount: | $127.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 190 bps
|
|
|
| Class A-L loans
|
| Amount: | $124.5 million
|
| Securities: | Senior secured floating-rate loans
|
| Coupon: | SOFR plus 190 bps
|
|
|
| Class A-L notes
|
| Amount: | $0 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 190 bps
|
|
|
| Class B-1 notes
|
| Amount: | $39 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 267 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-2 notes
|
| Amount: | $13 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 6.39%
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 330 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $20 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 545 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
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| Amount: | $15 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 795 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $39.7 million
|
| Securities: | Subordinated notes
|
|
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