Chicago, Feb. 1 – KKR Credit Advisors (Ireland) Unlimited Co. sold €408.8 million in a collateralized loan obligation issued by Avoca CLO XXV DAC, according to multiple notices.
The notes will mature on Oct. 15, 2034.
The CLO consists of €248 million of class A senior secured floating-rate notes at Euribor plus 96 basis points, €30 million of class B-1 senior secured floating-rate notes at Euribor plus 175 bps, €10 million of class B-2 1.9% senior secured fixed-rate notes, €24 million of class C deferrable mezzanine floating-rate notes at Euribor plus 210 bps, €29 million of class D deferrable mezzanine floating-rate notes at Euribor plus 300 bps, €20 million of class E deferrable junior floating-rate notes at Euribor plus 614 bps, €12.2 million of class F deferrable junior floating-rate notes at Euribor plus 870 bps and €35.6 million of subordinated notes.
KKR Credit Advisors (Ireland) Unlimited Co. will manage the collateral through the end of the 4.4-year reinvestment period.
Collateral consists of senior secured obligations, including corporate-rescue loans, senior, mezzanine, second-lien loans and high-yield bonds.
Goldman Sachs International was the placement agent.
KKR Credit Advisors (Ireland) is a Dublin-based credit investment management firm.
| Issuer: | Avoca CLO XXV DAC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | €408.8 million
|
| Maturity: | Oct. 15, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | Goldman Sachs International
|
| Manager: | KKR Credit Advisors (Ireland) Unlimited Co.
|
| Settlement date: | Nov. 30
|
|
|
| Class A notes
|
| Amount: | €248 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 96 bps
|
| Rating: | Moody's: Aaa
|
| Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | €30 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 175 bps
|
| Rating: | Moody's: Aa2
|
| Fitch: AA
|
|
|
| Class B-2 notes
|
| Amount: | €10 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 1.9%
|
| Rating: | Moody's: Aa2
|
| Fitch: AA
|
|
|
| Class C notes
|
| Amount: | €24 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | Euribor plus 210 bps
|
| Rating: | Moody's: A2
|
| Fitch: A
|
|
|
| Class D notes
|
| Amount: | €29 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | Euribor plus 300 bps
|
| Rating: | Moody's: Baa3
|
| Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | €20 million
|
| Securities: | Deferrable junior floating-rate notes
|
| Coupon: | Euribor plus 614 bps
|
| Rating: | Moody's: Ba3
|
| Fitch: BB-
|
|
|
| Class F notes
|
| Amount: | €12.2 million
|
| Securities: | Deferrable junior floating-rate notes
|
| Coupon: | Euribor plus 870 bps
|
| Rating: | Moody's: B3
|
| Fitch: B-
|
|
|
| Subordinated notes
|
| Amount: | €35.6 million
|
| Securities: | Subordinated notes
|
|
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