Chicago, April 5 – KKR Credit Advisors (Ireland) Unlimited Co. refinanced €373.5 million of notes from the Avoca CLO XIII Ltd. collateralized loan obligation, according to a notice.
The notes, now due April 17, 2034, include €1.5 million of class X senior secured floating-rate notes at Euribor plus 40 basis points, €248 million of class A-R-R senior secured floating-rate notes at Euribor plus 82 bps, €26 million of class B-1-R-R senior secured floating-rate notes at Euribor plus 150 bps and €14 million of class B-2-R-R 2% senior secured fixed-rate notes.
In the lower part of the transaction there are €28 million of class C-R-R deferrable mezzanine floating floating-rate notes at Euribor plus 220 bps, €23.2 million of class D-R-R deferrable mezzanine floating floating-rate notes at Euribor plus 320 bps, €20.8 million of class E-R-R deferrable junior floating floating-rate notes at Euribor plus 615 bps and €12 million of class F-R-R deferrable junior floating floating-rate notes at Euribor plus 775 bps.
Additionally, the issuer is upsizing the subordinated notes and holders can contact the issuer to subscribe.
The notes were previously refinanced.
The CLO previously sold €2 million of class X senior secured floating-rate notes at Euribor plus 50 bps and €240 million of class A-R senior secured floating-rate notes at Euribor plus 90 bps.
Avoca CLO XIII placed €14 million of 2.025% class B-1-R senior secured fixed-rate notes, €24 million of class B-2-R senior secured floating-rate notes at Euribor plus 148 bps and €15 million of class B-3-R senior secured floating-rate notes at Euribor plus 173 bps, which reset to Euribor plus 148 bps following the non-call period.
The CLO also priced €22 million of class C-R deferrable mezzanine floating-rate notes at Euribor plus 200 bps; €22 million of class D-R deferrable mezzanine floating-rate notes at Euribor plus 280 bps; €23 million of class E-R deferrable junior floating-rate notes at Euribor plus 495 bps; €11.5 million of class F-R deferrable junior floating-rate notes at Euribor plus 650 bps and €46 million of subordinated notes.
In the original €414 million transaction priced on Nov. 21, 2014, the CLO sold €5 million of 1.66% class A-1 senior secured fixed-rate notes; €235 million of class A-2 senior secured floating-rate notes at Euribor plus 125 bps; €14 million of 2.68% class B-1 senior secured fixed-rate notes: €29 million of class B-2 senior secured floating-rate notes at Euribor plus 210 bps; €27 million of class C deferrable floating-rate notes at Euribor plus 265 bps; €19 million of class D deferrable floating-rate notes at Euribor plus 350 bps; €26 million of class E deferrable floating-rate notes at Euribor plus 550 bps; €13 million of class F deferrable floating-rate notes at Euribor plus 600 bps and €46 million of subordinated notes.
KKR Credit Advisors (Ireland) Unlimited will continue to manage the CLO through the end of the reinvestment period which ends in 4.25 years.
Collateral for the notes has to be senior secured obligations. Most corporate loan obligors will be from Western Europe.
KKR Credit is a Dublin-based credit investment management firm.
| Issuer: | Avoca CLO XIII Ltd.
|
| Issue: | Floating-rate and fixed-rate notes
|
| Structure: | Cash flow CLO
|
| Amount: | €373.5 million
|
| Maturity: | April 17, 2034
|
| Manager: | KKR Credit Advisors (Ireland) Unlimited Co.
|
| Announcement date: | April 1
|
| Settlement date: | April 15
|
|
|
| Class X notes
|
| Amount: | €1.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 40 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-R-R notes
|
| Amount: | €248 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 82 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class B-1-R-R notes
|
| Amount: | €26 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 150 bps
|
| Rating: | Moody's: Aa2
|
|
|
| Class B-2-R-R notes
|
| Amount: | €14 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2%
|
| Rating: | Moody's: Aa2
|
|
|
| Class C-R-R notes
|
| Amount: | €28 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | Euribor plus 220 bps
|
| Rating: | Moody's: A2
|
|
|
| Class D-R-R notes
|
| Amount: | €23.2 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | Euribor plus 320 bps
|
| Rating: | Moody's: Baa3
|
|
|
| Class E-R-R notes
|
| Amount: | €20.8 million
|
| Securities: | Deferrable junior floating-rate notes
|
| Coupon: | Euribor plus 615 bps
|
| Rating: | Moody's: Ba3
|
|
|
| Class F-R-R notes
|
| Amount: | €12 million
|
| Securities: | Deferrable junior floating-rate notes
|
| Coupon: | Euribor plus 775 bps
|
| Rating: | Moody's: B3
|
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