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KKR offers 405.9 million notes, managers first euro CLO of year; thin euro supply eyed
By Cristal Cody
Tupelo, Miss., March 19 KKR Credit Advisors (Ireland) Unlimited Co. plans to price a 405.9 million CLO in the managers first euro-denominated transaction of the year.
About 5 billion of European CLOs have priced year to date, while other transactions are in the deal pipeline, according to market sources.
About 22 billion of euro-denominated CLO supply is expected this year, down from 27 billion of CLOs priced in 2018, according to a Wells Fargo Securities, LLC report.
Euro CLO AAA-rated tranches have priced in the Euribor plus 97 basis points to Euribor plus 116 bps range year to date, according to market sources.
Last week, Hayfin Capital Management LLC sold 407.9 million of notes in the Hayfin Emerald CLO II DAC deal and placed the 148 million tranche of class A-1 senior secured floating-rate notes at par to yield Euribor plus 116 bps.
KKR to price Avoca XX
KKR Credit Advisors (Ireland) is offering 405.9 million of notes due July 15, 2032 in the Avoca CLO XX DAC transaction, according to a market source.
The deal includes 2 million of class X senior secured floating-rate notes (Aaa//AAA); 238 million of class A-1 senior secured floating-rate notes (Aaa//AAA); 10 million of class A-2 senior secured floating-rate notes (Aaa//AAA); 28 million of class B-1 senior secured floating-rate notes (Aa2//AA); 15 million of class B-2 senior secured fixed-rate notes (Aa2//AA); 24 million of class C deferrable mezzanine floating-rate notes (A2//A); 23 million of class D deferrable mezzanine floating-rate notes (Baa3//BBB); 22 million of class E deferrable junior floating-rate notes (Ba2//BB); 12 million of class F deferrable junior floating-rate notes (B2//B-) and 31.9 million of subordinated notes.
Morgan Stanley & Co. International plc is the placement agent.
The transaction is expected to close on May 20.
The offering is backed primarily by broadly syndicated senior secured corporate loans.
KKR Credit Advisors (Ireland) is a Dublin-based credit investment management firm.
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