HPS Corporate Lending Fund 8-K

What Happened

• On February 19, 2026, HPS Corporate Lending Fund announced that, through its wholly‑owned subsidiary HLEND CLO 2026-5, LLC (the Issuer), it priced a $748,300,000 term debt securitization (the CLO Transaction). The transaction is expected to close on or about March 26, 2026.
• The secured notes will be backed primarily by a portfolio of middle‑market loans and participation interests. The Fund’s wholly‑owned direct subsidiary, HLEND CLO 2026-5 Investments, LLC (the Depositor), is expected to acquire 100% of the Subordinated Notes and will be required to retain them under U.S. and EU/UK risk retention rules.

Key Details

• Transaction size and classes:
  • Class A-1 Notes: $435,000,000; expected S&P rating AAA(sf); coupon SOFR + 1.40%
  • Class A-2 Notes: $30,000,000; expected S&P rating AAA(sf); coupon SOFR + 1.55%
  • Class B Notes: $45,000,000; expected S&P rating AA(sf); coupon SOFR + 1.70%
  • Subordinated Notes: $238,300,000; no interest; to be purchased 100% by the Depositor
• Expected closing date: on or about March 26, 2026. Expected maturity date for the debt: April 15, 2039 (unless redeemed or prepaid earlier under the indenture).
• Securities treatment: The HLEND 2026-5 Debt will not be registered under the Securities Act and will be sold in a private placement; the indenture will include customary covenants and events of default.
• Collateral: Portfolio primarily comprised of middle‑market loans and participation interests.

Why It Matters

• This is a financing/securitization move that issues secured notes to outside investors while the Fund retains the subordinated tranche, aligning the Fund’s economic interests with the performance of the underlying loan portfolio (and satisfying regulatory risk‑retention requirements).
• The expected S&P ratings and SOFR‑based coupons indicate the anticipated senior tranche credit quality and pricing, which affect the Fund’s funding cost and the structure’s attractiveness to investors.
• Because the securities are privately placed and unregistered, they are limited to eligible investors and are not a general public offering. This filing is informational and not an offering or solicitation.