Chicago, April 12 – KKR Credit Advisors (Ireland) Unlimited Co. sold €404.7 million in a collateralized loan obligation being issued by Avoca CLO XXVI DAC, according to a new issue report and a press release.
The notes will mature on April 16, 2035.
The CLO consists of €248 million of class A senior secured floating-rate notes at Euribor plus 94 basis points, €22.5 million of class B-1 senior secured floating-rate notes at Euribor plus 175 bps, €17.5 million of class B-2 2.75% senior secured fixed-rate notes, €28 million of class C deferrable mezzanine floating-rate notes at Euribor plus 240 bps, €26 million of class D deferrable mezzanine floating-rate notes at Euribor plus 350 bps, €20 million of class E deferrable mezzanine floating-rate notes at Euribor plus 651 bps, €11 million of class F deferrable mezzanine floating-rate notes at Euribor plus 912 bps and €31.7 million of subordinated notes.
KKR Credit Advisors (Ireland) Unlimited Co. will manage the collateral through the end of the 4.5-year reinvestment period.
Collateral for the notes consists of senior secured obligations.
Merrill Lynch International was the placement agent.
KKR Credit Advisors (Ireland) is a Dublin-based credit investment management firm.
| Issuer: | Avoca CLO XXVI DAC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | €404.7 million
|
| Maturity: | April 16, 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | Merrill Lynch International
|
| Manager: | KKR Credit Advisors (Ireland) Unlimited Co.
|
| Settlement date: | April 6
|
|
|
| Class A notes
|
| Amount: | €248 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 94 bps
|
| Rating: | Moody's: Aaa
|
| Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | €22.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 175 bps
|
| Rating: | Moody's: Aa2
|
| Fitch: AA
|
|
|
| Class B-2 notes
|
| Amount: | €17.5 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.75%
|
| Rating: | Moody's: Aa2
|
| Fitch: AA
|
|
|
| Class C notes
|
| Amount: | €28 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | Euribor plus 240 bps
|
| Rating: | Moody's: A2
|
| Fitch: A
|
|
|
| Class D notes
|
| Amount: | €26 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | Euribor plus 350 bps
|
| Rating: | Moody's: Baa3
|
| Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | €20 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | Euribor plus 651 bps
|
| Rating: | Moody's: Ba3
|
| Fitch: BB-
|
|
|
| Class F notes
|
| Amount: | €11 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | Euribor plus 912 bps
|
| Rating: | Moody's: B3
|
| Fitch: B-
|
|
|
| Subordinated notes
|
| Amount: | €31.7 million
|
| Securities: | Subordinated notes
|
|
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