FOR IMMEDIATE RELEASE
Capital One Closes More Than $1 Billion Unitranche Commitments in 2018
Bethesda, Md. (January 28, 2019) – Capital One announced today that its unitranche loan program, ULTra, closed approximately $1.1 billion in commitments to borrowers in the healthcare and services industries in 2018. 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 continue to see growing interest in this type of financing from companies in a variety of industries,” said Earl Smith, Head of Strategic Investments Group, Capital One Commercial Banking. “In this dynamic environment, a seamless, one-stop financing solution 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 $249.8 billion in deposits and $372.5 billion in total assets as of December 31, 2018. 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 126 investment professionals and over 320 total employees, and is headquartered in New York with ten additional offices globally, as of January 1, 2019. 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.
# # #
The full content of this article is only available to paid subscribers. If you are an active subscriber, please log in. To subscribe, please click here: SUBSCRIBE