Avoca CLO XIII rated notes may be redeemed via a refinancing

By Wendy Van Sickle

Columbus, Ohio, July 7 – Avoca CLO XIII DAC’s investment manager is assessing some options that may lead to a full refinancing of its rated notes, according to a notice.

In connection with the refinancing, some amendments would be made to the transaction documents that would result in the issuance of new classes of senior mezzanine rated notes that will be senior to the subordinated notes; extend the non-call period, the reinvestment period and the maturity date for the new rated notes and the subordinated notes; cause the new rated notes to be rated by Moody’s and S&P or Fitch; and change the portfolio profile tests and eligibility criteria to align them with the more recent criteria of the relevant ratings agencies and with the portfolio.

The issuer’s rated notes due 2027, which may be redeemed as a result of a potential refinancing, include the following:

• €5 million class A-1 senior secured fixed-rate notes;

• €235 million class A-2 senior secured floating-rate notes;

• €14 million class B-1 senior secured fixed-rate notes;

• €29 million class B-2 senior secured floating-rate notes;

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

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

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

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

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

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

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