ULTra Program Now Open to Borrowers for Leveraged Financings across Industries
Just one year after its initial launch, Capital One announced today that its unitranche loan program, ULTra, closed more than $1 billion in commitments to borrowers in the healthcare industry in 2017. The program, with HPS Investment Partners as its strategic co-investor, helps borrowers obtain first lien unitranche loans without a rating agency or a syndication process, thus providing clients with fast and reliable financing.
“We are pleased to announce that we have expanded this program beyond the healthcare market to borrowers in a variety of industries where Capital One provides leveraged finance,” said Darren Alcus, President of Corporate Banking at Capital One. “In this dynamic environment, a seamless, one-stop financing solution like ULTra can give private equity sponsors and borrowers a significant advantage.”
A unitranche loan blends senior and junior debt pricing and terms into a single first lien debt facility, rather than creating two classes of debt and coordinating among multiple lenders. This approach increases certainty of execution, and borrowers benefit from the simplicity of managing a single credit facility.
About Capital One
Capital One Financial Corporation (www.capitalone.com) is a financial holding company whose subsidiaries, which include Capital One, N.A., and Capital One Bank (USA), N.A., had $239.1 billion in deposits and $361.4 billion in total assets as of September 30, 2017. Headquartered in McLean, Virginia, Capital One offers a broad spectrum of financial products and services to consumers, small businesses and commercial clients through a variety of channels. Capital One, N.A. has branches located primarily in New York, Louisiana, Texas, Maryland, Virginia, New Jersey and the District of Columbia. A Fortune 500 company, Capital One trades on the New York Stock Exchange under the symbol “COF” and is included in the S&P 100 index.
About HPS Investment Partners
HPS Investment Partners, LLC (“HPS”) is a leading global investment firm with a focus on non-investment grade credit. Established in 2007, HPS has approximately 115 investment professionals and over 280 total employees, and is headquartered in New York with eleven additional offices globally, as of January 1, 2018. HPS was originally formed as a unit of Highbridge Capital Management, LLC, a subsidiary of J.P. Morgan Asset Management, and formerly known as Highbridge Principal Strategies, LLC. In March 2016, the principals of HPS acquired the firm from J.P. Morgan, which retained Highbridge’s hedge fund strategies.
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