Chicago, Sept. 20 – KKR Financial Advisors II LLC sold $500.35 million in a collateralized loan obligation being issued by KKR CLO 35 Ltd./KKR CLO 35 LLC, according to a pre-sale report.
The notes will mature on Oct. 20, 2034.
The CLO consists of $320 million of class A senior secured floating-rate notes at Libor plus 119 basis points, $60 million of class B senior secured floating-rate notes at Libor plus 170 bps, $30 million of class C senior secured deferrable floating-rate notes at Libor plus 220 bps, $30 million of class D senior secured deferrable floating-rate notes at Libor plus 320 bps, $20 million of class E senior secured deferrable floating-rate notes at Libor plus 682 bps and $40.35 million of variable dividend notes.
KKR Financial Advisors II LLC will manage the collateral through the end of the reinvestment period on Oct. 20, 2026.
The notes can be called starting Oct. 20, 2023.
Citigroup Global Markets Inc. was the placement agent.
KKR Financial is a subsidiary of San Francisco-based KKR Credit Advisors (US) LLC.
| Issuer: | KKR CLO 35 Ltd. and KKR CLO 35 LLC
|
| Issue: | Floating-rate notes and variable dividend notes
|
| Amount: | $500.35 million
|
| Maturity: | Oct. 20, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | KKR Financial Advisors II LLC
|
| Call feature: | Oct. 20, 2023
|
| Settlement date: | Sept. 17
|
|
|
| Class A notes
|
| Amount: | $320 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 119 bps
|
| Rating: | S&P:
|
|
|
| Class B notes
|
| Amount: | $60 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 220 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 320 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $20 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 682 bps
|
| Rating: | S&P:
|
|
|
| Variable dividend notes
|
| Amount: | $40.35 million
|
| Securities: | Variable dividend notes
|
|
|
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