HPS Corporate Lending Fund 8-K

What Happened
HPS Corporate Lending Fund announced the closing on March 26, 2026 of a $748,300,000 term debt securitization (the “2026-5 Debt Securitization”), a collateralized loan obligation issued by HLEND CLO 2026-5, LLC (the “2026-5 Issuer”), an indirect wholly‑owned subsidiary. The issuance includes secured notes (Class A-1, A-2 and B) and subordinated notes; HLEND CLO 2026-5 Investments, LLC (the “Depositor”), a Fund subsidiary, retained all subordinated notes. Scotia Capital (USA) Inc. acted as placement agent and U.S. Bank Trust Company, N.A. is trustee. The securitization is backed by a diversified portfolio of middle‑market commercial loans managed by the Fund as collateral manager.

Key Details

• Total issuance: $748,300,000 (Secured Notes + Subordinated Notes).
• Note classes and initial principal: Class A-1 $435,000,000 (S&P AAA(sf)) — SOFR + 1.40%; Class A-2 $30,000,000 (S&P AAA(sf)) — SOFR + 1.55%; Class B $45,000,000 (S&P AA(sf)) — SOFR + 1.70%; Subordinated Notes $238,300,000 (unrated) retained by the Depositor/Fund.
• Maturity date: April 15, 2039; optional redemption may begin on any business day on or after March 26, 2028 with required consents.
• The Fund (as Collateral Manager) agreed to irrevocably waive all collateral management fees while it serves in that role. Loans were transferred to the Issuer via a Sale and Contribution Agreement; participation interests were used when assignments could not settle immediately.
• The Secured and Subordinated Notes are unregistered under the Securities Act and are not being offered or sold in the U.S. except pursuant to an exemption.

Why It Matters
This transaction is a financing and portfolio-structuring event: the Fund moved a pool of middle‑market loans off its direct balance sheet into a CLO vehicle while retaining the subordinated tranche, which typically bears the first losses but also captures residual returns. Investors should note the Fund remains the collateral manager and retains economic exposure via the subordinated notes, but it has waived its collateral management fees. The rated senior tranches provide investment‑grade credit support (AAA/AA) for secured noteholders, and the securitization is subject to the Fund’s asset coverage requirements.