By Cristal Cody
Eureka Springs, Ark., June 7 – KKR Credit Advisors (Ireland) sold €462.8 million of notes due July 15, 2029 in a new euro-denominated collateralized loan obligation deal, according to a market source.
Avoca CLO XVI DAC priced €273.25 million of class A senior secured floating-rate notes at Euribor plus 135 basis points; €55.85 million of class B senior secured floating-rate notes at Euribor plus 205 bps; €25.65 million of class C deferrable mezzanine floating-rate notes at Euribor plus 310 bps; €22.5 million of class D deferrable mezzanine floating-rate notes at Euribor plus 430 bps; €27.75 million of class E deferrable junior floating-rate notes at Euribor plus 625 bps; €11.8 million of class F deferrable junior floating-rate notes at Euribor plus 825 bps and €46 million of subordinated notes.
BNP Paribas was the placement agent.
KKR Credit Advisors will manage the CLO, which is backed primarily by broadly syndicated first-lien senior secured loans to European and U.S. speculative-grade corporates.
The CLO has a two-year non-call period and a four-year reinvestment period.
KKR Credit Advisors priced two euro-denominated CLO deals in 2015.
The credit investment management firm is based in Dublin.
| Issuer: | Avoca CLO XVI DAC
|
| Amount: | €462.8 million
|
| Maturity: | July 15, 2029
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BNP Paribas
|
| Manager: | KKR Credit Advisors (Ireland)
|
| Call feature: | 2018
|
| Pricing date: | June 3
|
| Settlement date: | June 29
|
|
|
| Class A notes
|
| Amount: | €273.25 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 135 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class B notes
|
| Amount: | €55.85 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 205 bps
|
| Ratings: | Moody’s: Aa2
|
| S&P: AA
|
|
|
| Class C notes
|
| Amount: | €25.65 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | Libor plus 310 bps
|
| Ratings: | Moody’s: A2
|
| S&P: A
|
|
|
| Class D notes
|
| Amount: | €22.5 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | Libor plus 430 bps
|
| Ratings: | Moody’s: Baa2
|
| S&P: BBB
|
|
|
| Class E notes
|
| Amount: | €27.75 million
|
| Securities: | Deferrable junior floating-rate notes
|
| Coupon: | Libor plus 625 bps
|
| Ratings: | Moody’s: Ba2
|
| S&P: BB
|
|
|
| Class F notes
|
| Amount: | €11.8 million
|
| Securities: | Deferrable junior floating-rate notes
|
| Coupon: | Libor plus 825 bps
|
| Ratings: | Moody’s: B2
|
| S&P: B
|
|
|
| Equity
|
| Amount: | €46 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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