Chicago, March 22 – KKR Credit Advisors (Ireland) Unlimited Co. repriced €470.7 million from the Avoca CLO XII DAC collateralized loan obligation transaction, according to a notice.
The CLO, extended to April 17, 2034, includes €229 million of class A-R-R senior secured floating-rate notes at Euribor plus 79 basis points, a €50 million class A senior secured floating-rate loan at Euribor plus 79 bps, €25 million of class B-1-R-R senior secured floating-rate notes at Euribor plus 150 bps and €20 million of class B-2-R-R 1.85% senior secured fixed-rate notes.
Lower, there are €31.5 million of class C-R-R deferrable mezzanine floating-rate notes at Euribor plus 220 bps, €27 million of class D-R-R deferrable mezzanine floating-rate notes at Euribor plus 320 bps, €22.5 million of class E-R-R deferrable junior floating-rate notes at Euribor plus 622 bps and €13.5 million of class F-R-R deferrable junior floating-rate notes at Euribor plus 834 bps.
There are also €52.2 million of subordinated notes due 2034.
KKR Credit Advisors (Ireland) Unlimited Co. will manage the collateral during the 4.6-year reinvestment period.
Collateral for the notes and loan comes primarily from senior secured obligations.
The portfolio will be 90% ramped up as of the closing date.
Avoca Capital Holdings was originally the manager. The Dublin-based credit investment management firm was acquired by KKR & Co. LP.
| Issuer: | Avoca CLO XII DAC
|
| Issue: | Floating-rate, fixed rate and subordinated notes and fixed-rate loan
|
| Structure: | Cash flow CLO
|
| Amount: | €470.7 million
|
| Maturity: | April 17, 2034
|
| Manager: | KKR Credit Advisors (Ireland) Unlimited Co.
|
| Announcement date: | March 22
|
|
|
| Class A-R-R notes
|
| Amount: | €229 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 79 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A loan
|
| Amount: | €50 million
|
| Securities: | Senior secured floating-rate loan
|
| Coupon: | Euribor plus 79 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class B-1-R-R notes
|
| Amount: | €25 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 150 bps
|
| Rating: | Moody's: Aa2
|
|
|
| Class B-2-R-R notes
|
| Amount: | €20 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 1.85%
|
| Rating: | Moody's: Aa2
|
|
|
| Class C-R-R notes
|
| Amount: | €31.5 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | Euribor plus 220 bps
|
| Rating: | Moody's: A2
|
|
|
| Class D-R-R notes
|
| Amount: | €27 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | Euribor plus 320 bps
|
| Rating: | Moody's: Baa3
|
|
|
| Class E-R-R notes
|
| Amount: | €22.5 million
|
| Securities: | Deferrable junior floating-rate notes
|
| Coupon: | Euribor plus 622 bps
|
| Rating: | Moody's: Ba3
|
|
|
| Class F-R-R notes
|
| Amount: | €13.5 million
|
| Securities: | Deferrable junior floating-rate notes
|
| Coupon: | Euribor plus 834 bps
|
| Rating: | Moody's: B3
|
|
|
| Subordinated notes
|
| Amount: | €52.2 million
|
| Securities: | Subordinated notes
|
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