By Cristal Cody
Tupelo, Miss., May 18 – KKR Credit Advisors (Ireland) sold €516.1 million of notes due July 12, 2028 in the Avoca CLO XIV Ltd. collateralized loan obligation deal, according to a market source.
The CLO priced €292.5 million of the class A senior secured floating-rate notes at Euribor plus 130 basis points; €7 million of 2.55% class B-1 senior secured fixed-rate notes; €56.5 million of class B-2 senior secured floating-rate notes at Euribor plus 200 bps; €34.5 million of class C deferrable floating-rate notes at Euribor plus 275 bps; €25 million of class D deferrable floating-rate notes at Euribor plus 355 bps; €32 million of class E deferrable floating-rate notes at Euribor plus 475 bps; €14.5 million of class F deferrable floating-rate notes at Euribor plus 575 bps and €54.1 million of subordinated notes.
Morgan Stanley & Co. International plc was the placement agent.
KKR Credit Advisors will manage the CLO.
The CLO is backed primarily by senior secured loans or senior secured bonds.
KKR Credit Advisors (Ireland) brought three euro-denominated CLO deals in 2014, including the €414 million Avoca CLO XIII Ltd. transaction in November.
The credit investment management firm is based in Dublin.
| Issuer: | Avoca CLO XIV Ltd.
|
| Amount: | €516.1 million
|
| Maturity: | July 12, 2028
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Morgan Stanley & Co. International plc
|
| Manager: | KKR Credit Advisors (Ireland)
|
| Pricing date: | May 15
|
| Settlement date: | June 15
|
|
|
| Class A notes
|
| Amount: | €292.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 130 bps
|
| Rating: | Moody’s: Aaa
|
|
|
| Class B-1 notes
|
| Amount: | €7 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.55%
|
| Rating: | Moody’s: Aa2
|
|
|
| Class B-2 notes
|
| Amount: | €56.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 200 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C notes
|
| Amount: | €34.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Euribor plus 275 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class D notes
|
| Amount: | €25 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Euribor plus 355 bps
|
| Rating: | Moody’s: Baa2
|
|
|
| Class E notes
|
| Amount: | €32 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Euribor plus 475 bps
|
| Rating: | Moody’s: Ba2
|
|
|
| Class F notes
|
| Amount: | €14.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Euribor plus 575 bps
|
| Rating: | Moody’s: B2
|
|
|
| Equity
|
| Amount: | €54.1 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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