Daily News: June 1, 2017

Capital One, HPS Provide $300MM Facility to Healthcare Education Co.

Capital One served as an administrative agent and lead left arranger on a $300 million senior secured credit facility consisting of a $10 million revolving loan and $290 million term loan for a healthcare education services company.

This is the first transaction funded through Capital One’s ULTra unitranche loan program implemented with HPS Investment Partners as a strategic co-investor, which provided $250 million of the term loan.

The ULTra program, through Unitranche Loan Transaction, provides first lien unitranche loans to middle market companies.

“Our unitranche loan program offers a significant advantage for borrowers and sponsors by enabling quick, flexible and reliable financing,” said Al Aria, senior managing director, Capital One Healthcare. “Our team tailored the loan structure around our client’s unique financial needs and operational requirements.”

HPS Investment Partners is a global investment firm with a focus on non-investment grade credit. Established in 2007 HPS was originally formed as a unit of Highbridge Capital Management, a subsidiary of J.P. Morgan Asset Management, and formerly known as Highbridge Principal Strategies. In March 2016, the principals of HPS acquired the firm from J.P. Morgan, which retained Highbridge’s hedge fund strategies.