HPS Corporate Lending Fund, a recently launched perpetual-life non-traded business development company, has declared its net asset value per share for May 31, 2022. The company also secured a new $925 million credit facility, with an accordion feature up to $1.85 billion.
Class I, Class D, and Class F shares had an NAV per share of $24.61 as of May 31, 2022, compared to $24.94 the previous month.
As of May 31, 2022, the fund’s aggregate NAV was $1.8 billion, the fair value of its investment portfolio was $2.6 billion and it had principal debt outstanding of $548.3 million, resulting in a debt-to-equity ratio of approximately 0.30 times.
The previous month, the fund’s aggregate NAV was $1.4 billion, the fair value of its investment portfolio was $1.9 billion with principal debt outstanding of $232.8 million, resulting in ending debt-to-equity ratio of approximately 0.16 times.
HPS Corporate Lending Fund also entered into a senior secured revolving credit facility with an initial principal amount of $925 million, with an accordion provision that permits increases of up to $1.85 billion, with the satisfaction of certain conditions.
Proceeds may be used for general corporate purposes, including repaying outstanding indebtedness, making distributions, contributions and investments, and acquisition and funding.
JPMorgan Chase Bank serves as administrative agent and as collateral agent, and JPMorgan Chase Bank, Goldman Sachs Bank USA, MUFG Bank, Royal Bank of Canada, and Sumitomo Mitsui Banking Corporation, as joint bookrunners and joint lead arrangers.
The availability period under the facility will terminate on June 23, 2026, and will mature on June 23, 2027.
HPS Corporate Lending Fund was formed to invest primarily in newly originated senior secured debt and other securities of private U.S. companies within the middle market and upper middle market. The fund launched in late January 2022 and seeks to raise $4 billion. As of June 30, 2022, the fund has issued 87.9 million shares for total consideration of $2.2 billion.