Highbridge Principal Strategies has priced a $313.5 million CLO, according to a person familiar with the transaction.The deal, dubbed Highbridge Loan Management 2012-1, is the firm’s first CLO. It includes a $200 million tranche expected to be rated 'AAA' by Standard & Poor's and Moody’s Investors Service that was offered at Libor plus 151 basis points, according to this person.
Credit Suisse Securities is the arranger.
A $27.5 million, 'AA'-rated tranche priced at Libor plus 270 basis points; a $23 million, A-rated tranche at Libor plus 415 basis points; a $13.5 million, 'BBB'-rated tranche at Libor plus 500 basis points; a $12.25 million, 'BB'-rated tranche at Libor plus 575 basis points; and a $7 million 'B'-rated tranche at Libor plus 675 bps. A $30.1 million tranche of subordinated notes was not rated.
As of Aug. 10, approximately 43% of the deal’s collateral had been identified, according to a presale report issued that day by S&P. The deal is expected to close Sept. 12 and has three-year reinvestment period, is non-callable for two years and has a final maturity of Sept. 22, 2022.