By Cristal Cody
Tupelo, Miss., March 31 – Kramer Van Kirk Credit Strategies LP refinanced $415 million of notes due Oct. 15, 2026 at par in the KVK CLO 2014-3 Ltd./KVK CLO 2014-3 LLC transaction, according to a market source.
The CLO sold $317.5 million of class A-R floating-rate notes at par to yield Libor plus 120 basis points.
KVK CLO priced $60 million of class B-R floating-rate notes at par to yield Libor plus 175 bps.
The CLO also refinanced $37.5 million of class C-R floating-rate notes at par to yield Libor plus 260 bps.
Goldman Sachs & Co. was the refinancing agent.
In the original transaction priced on Aug. 13, 2014, the CLO sold $317.5 million of class A floaters at Libor plus 153 bps; $60 million of class B floaters at Libor plus 210 bps; $37.5 million of class C deferrable floaters at Libor plus 300 bps; $25 million of class D deferrable floaters at Libor plus 390 bps; $22 million of class E deferrable floaters at Libor plus 510 bps; $9 million of class F deferrable floaters at Libor plus 610 bps and $45 million of subordinated notes.
The class D, E and F notes were not refinanced.
Proceeds will be used to redeem the original class A, B and C notes.
Kramer Van Kirk Credit Strategies has refinanced three vintage CLOs year to date.
The Chicago-based CLO manager priced one new CLO deal in 2016.
| Issuer: | KVK CLO 2014-3 Ltd./KVK CLO 2014-3 LLC
|
| Amount: | $415 million refinancing
|
| Maturity: | Oct. 15, 2026
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Goldman Sachs & Co.
|
| Manager: | Kramer Van Kirk Credit Strategies LP
|
| Pricing date: | March 21
|
| Refinancing date: | April 17
|
|
|
| Class A-R notes
|
| Amount: | $317.5 million
|
| Coupon: | Libor plus 120 bps
|
| Price: | Par
|
| Rating: | S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | $60 million
|
| Coupon: | Libor plus 175 bps
|
| Price: | Par
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $37.5 million
|
| Coupon: | Libor plus 260 bps
|
| Price: | Par
|
| Rating: | S&P: A
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
