Avoca CLO XII seeks holder approval to redeem notes via refinancing

By Tali Rackner

Norfolk, Va., March 10 – Avoca CLO XII DAC is seeking approval from its subordinated noteholders to redeem its class A, B, C, D, E and F notes due 2027 via a refinancing, according to a notice.

Avoca is looking to redeem the following notes on April 4:

• €240 million of class A senior secured floating-rate notes;

• €43 million of class B senior secured floating-rate notes;

• €27 million of class C deferrable mezzanine floating-rate notes;

• €19 million of class D deferrable mezzanine floating-rate notes;

• €26 million of class E deferrable junior floating-rate notes; and

• €13 million of class F deferrable junior floating-rate notes.

It plans to issue €2 million of class X senior secured floating-rate notes due 2030, €240 million of class A-R senior secured floating-rate notes due 2030, €53 million of class B-$ senior secured floating-rate notes due 2030, €22 million of class C-R deferrable mezzanine floating-rate notes due 2030, €22 million of class D-R deferrable mezzanine floating-rate notes due 2030, €23 million of class E-R deferrable junior floating-rate notes due 2030 and €10 million of class F-R deferrable junior floating-rate notes due 2030 to effect the refinancing.

Holders of at least 66 2/3% of the aggregate principal amount outstanding of the subordinated notes must vote to approve the amendment.

Consents were scheduled to be due by 5 p.m. GMT on March 10.

The Bank of New York Mellon, London Branch is the trustee.

KKR Credit Advisors (Ireland) Unltd. Co. is the investment manager.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.