By Cristal Cody
Tupelo, Miss., Feb. 22 – KVK Credit Strategies LP refinanced $468.95 million of notes due May 15, 2026 in the KVK CLO 2014-1 Ltd./KVK CLO 2014-1 LLC transaction, according to a market source and a withdrawal of notice of optional redemption by refinancing of the class D notes and notice of revised proposed first supplemental indenture on Tuesday.
The CLO sold $334,495,000 of class A-1-R senior secured floating-rate notes (/AAA expected/) at Libor plus 130 basis points.
KVK CLO priced $17.5 million of 3% class A-2-R senior secured fixed-rate notes (/AAA expected/).
The CLO sold $68,365,000 of class B-R senior secured floating-rate notes (/AA expected /) at Libor plus 180 bps.
The $48.59 million tranche of class C-R senior secured deferrable floating-rate notes (/A expected/) priced at Libor plus 260 bps.
Goldman Sachs & Co. was the refinancing agent.
The CLO plans to redeem the original class A-1, A-2, B and C notes on March 1 and has withdrawn plans to redeem the class D notes, which will remain outstanding.
The Chicago-based CLO manager priced one new CLO deal in 2016.
| Issuer: | KVK CLO 2014-1 Ltd./KVK CLO 2014-1 LLC
|
| Amount: | $468.95 million
|
| Maturity: | May 15, 2026
|
| Securities: | Fixed- and floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Goldman Sachs & Co.
|
| Manager: | KVK Credit Strategies LP
|
| Pricing date: | Feb. 10
|
| Refinancing date: | March 1
|
|
|
| Class A-1-R notes
|
| Amount: | $334,495,000
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 130 bps
|
| Rating: | S&P: AAA expected
|
|
|
| Class A-2-R notes
|
| Amount: | $17.5 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 3%
|
| Rating: | S&P: AAA expected
|
|
|
| Class B-R notes
|
| Amount: | $68,365,000
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 180 bps
|
| Rating: | S&P: AA expected
|
|
|
| Class C-R notes
|
| Amount: | $48.59 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 260 bps
|
| Rating: | S&P: A expected
|
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