Avoca CLO XII obtains approval to redeem notes, completes refinancing

By Tali Rackner

Norfolk, Va., April 5 – Avoca CLO XII DAC obtained approval from its subordinated noteholders to redeem its class A, B, C, D, E and F notes due 2027 and completed the refinancing, according to a filing with the London Stock Exchange.

Avoca redeemed the following notes at par plus accrued interest on April 4:

• €240 million of class A senior secured floating-rate notes;

• €43 million of class B senior secured floating-rate notes;

• €27 million of class C deferrable mezzanine floating-rate notes;

• €19 million of class D deferrable mezzanine floating-rate notes;

• €26 million of class E deferrable junior floating-rate notes; and

• €13 million of class F deferrable junior floating-rate notes.

Avoca issued €2 million of class X senior secured floating-rate notes due 2030, €190 million of class A-1R senior secured floating-rate notes due 2030, €50 million of class A-2R senior secured floating-rate notes due 2030, €53 million of class B-R senior secured floating-rate notes due 2030, €22 million of class C-R deferrable mezzanine floating-rate notes due 2030, €22 million of class D-R deferrable mezzanine floating-rate notes due 2030, €23 million of class E-R deferrable junior floating-rate notes due 2030, €10 million of class F-R deferrable junior floating-rate notes due 2030 and €47 million of subordinated notes due 2030 to effect the refinancing.

Approval from holders of at least 66 2/3% of the aggregate principal amount outstanding of the subordinated notes was needed approve the amendment.

The Bank of New York Mellon, London Branch is the trustee.

KKR Credit Advisors (Ireland) Unltd. Co. is the investment manager.

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