Chicago, March 8 – KKR Financial Advisors II, LLC sold $402.4 million in a collateralized loan obligation being issued by KKR CLO 46 Ltd., according to a presale report.
The notes will mature on April 2035.
The CLO consists of $220.5 million of class A-1A senior secured floating-rate notes at SOFR plus 185 basis points, $27.5 million of class A-1B 5.5% senior secured fixed-rate notes, $12 million of class A-2 senior secured floating-rate notes at SOFR plus 225 bps, $42 million of class B senior secured floating-rate notes at SOFR plus 250 bps, $22 million of class C senior secured floating-rate notes at SOFR plus 325 bps, $24 million of class D senior secured deferrable floating-rate notes at SOFR plus 540 bps, $12 million of class E senior secured deferrable floating-rate notes at SOFR plus 821 bps and $42.4 million of subordinated notes.
KKR Financial Advisors II, LLC will manage the collateral through the end of the reinvestment period on April 20, 2026.
Collateral for the notes consists of first-lien senior secured leveraged loans.
The notes can be called starting March 20, 2024.
Credit Suisse Securities (USA) LLC was the placement agent.
KKR Financial is a subsidiary of San Francisco-based KKR Credit Advisors (US) LLC.
| Issuer: | KKR CLO 46 Ltd.
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $402.4 million
|
| Maturity: | April 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | Credit Suisse Securities (USA) LLC
|
| Manager: | KKR Financial Advisors II, LLC
|
| Call feature: | March 20, 2024
|
| Settlement date: | March 20, 2023
|
|
|
| Class A-1A notes
|
| Amount: | $220.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 185 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-1B notes
|
| Amount: | $27.5 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 5.5%
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-2 notes
|
| Amount: | $12 million
|
| Securities: | Senior Secured floating-rate notes
|
| Coupon: | SOFR plus 225 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class B notes
|
| Amount: | $42 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 250 bps
|
| Rating: | Fitch: AA
|
|
|
| Class C notes
|
| Amount: | $22 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 325 bps
|
| Rating: | Fitch: A
|
|
|
| Class D notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 540 bps
|
| Rating: | Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | $12 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 821 bps
|
| Rating: | Fitch: BB-
|
|
|
| Subordinated notes
|
| Amount: | $42.4 million
|
| Securities: | Subordinated notes
|
|
|
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