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KKR refinances $235 million; Park Avenue Institutional Advisers, ICG in deal pipeline
By Cristal Cody
Eureka Springs, Ark., July 20 – KKR Financial Advisors II, LLC is the most recent CLO manager to refinance a vintage CLO with lower coupons, according to market sources on Wednesday.
The company refinanced a tranche set to step up to Libor plus 200 basis points this month.
CLO managers have refinanced a total of $1.72 billion from eight deals year to date, according to Deutsche Bank Securities Inc. analyst Bjarni Torfason.
The average coupon reduction has ranged from about 9 bps to as high as 31 bps, Torfason said in a note on Wednesday.
In other new issuance, Prudential Investment Management, Inc. sold $608 million in the Dryden 43 Senior Loan Fund/Dryden 43 Senior Loan Fund LLC transaction. Deutsche Bank Securities Inc. was the deal arranger. Final pricing details were not available by press time.
Looking ahead, Guardian Life Insurance Co. of America subsidiary Park Avenue Institutional Advisers LLC is offering a $380.95 million debut CLO.
ICG Debt Advisors LLC also is in the deal pipeline with a $405.75 million CLO.
KKR Financial Advisors II refinanced $235 million of notes due Jan. 23, 2026 in the KKR Financial CLO 2013-2 Ltd. deal, according to market sources.
KKR Financial CLO 2013-2 refinanced the $115 million step-up tranche of class A-1C senior secured floating-rate notes at Libor plus 145 bps.
Mizuho Securities USA Inc. was the refinancing agent.
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