HPS-Led Group Beats Morgan Stanley in Aerospace Debt Deal

A group of direct lenders led by HPS Investment Partnersedged out Morgan Stanley to provide a $1.14 billion loan to Consolidated Precision Products Corp., helping the aerospace parts maker to refinance more than $1.5 billion of existing debt.

The company, backed by private equity firms Warburg Pincusand Berkshire Partners, also sold $750 million of preferred equity to help refinance debt and boost its cash holdings, according to people with knowledge of the matter.

For the direct debt, the lender group includes Oaktree Capital Management, KKR & Co.,and Ares Management Corp., the people ...