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Avoca CLO XIV to redeem seven classes of rated notes on Nov. 13
By Sarah Lizee
Olympia, Wash., Oct. 13 – Avoca CLO XIV DAC’s retention holder exercised the option to redeem seven classes of notes due 2028, according to a notice.
The following notes will be redeemed at par plus accrued interest on Nov. 13:
• €292.5 million class A senior secured floating-rate notes;
• €7 million class B-1 senior secured fixed-rate notes;
• €56.5 million class B-2 senior secured floating-rate notes;
• €34.5 million class C deferrable mezzanine floating-rate notes;
• €25 million class D deferrable mezzanine floating-rate notes;
• €32 million class E deferrable junior floating-rate notes; and
• €14.5 million class F deferrable junior floating-rate notes.
Additionally, the issuer plans to amend the terms and conditions of the subordinated notes to issue new classes of rates refinancing notes; issue new class X senior notes; extend the non-call period, reinvestment period and maturity date applicable to the new rated notes and the subordinated notes; and change the portfolio profile tests to align them with the more recent rating agency criteria and portfolio.
Bank of New York Mellon, London Branch is the trustee.
KKR Credit Advisors (Ireland) Unltd. Co. is the investment manager.
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