Invesco prices $510.1 million CLO in firm’s second deal of year; KKR resets 2015 issue

By Cristal Cody

Tupelo, Miss., Nov. 7 – Invesco RR Fund LP returned to the CLO primary market for the second time in 2017 to price a new $510.1 million broadly syndicated deal.

Nearly $100 billion of broadly syndicated and middle-market CLOs have priced year to date, according to BofA Merrill Lynch.

Refinancing action also continues with details out on KKR Financial Advisors II, LLC’s $567.15 million refinancing and reset of notes from a 2015 CLO offering.

In its deal, Invesco RR Fund priced $510.1 million of notes due Jan. 20, 2031 in a new CLO deal, according to a market source.

Carbone CLO, Ltd./Carbone CLO LLC priced $325 million of class A-1 floating-rate notes at Libor plus 114 basis points at the top of the capital stack.

Citigroup Global Markets Inc. was the placement agent.

Invesco RR Fund, a majority owned affiliate of Invesco Senior Secured Management, Inc., will manage the CLO.

Meanwhile, KKR Financial Advisors II priced $567.15 million of notes in a refinancing and reset of the KKR Financial CLO 11 Ltd./KKR Financial CLO 11 LLC transaction, according to a market source.

The CLO priced $357.5 million of class A-R floating-rate notes at Libor plus 118 bps in the AAA-rated tranche.

BofA Merrill Lynch was the refinancing agent.

The maturity on the refinanced notes was extended to Jan. 15, 2031 from the original April 15, 2027 maturity.

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