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Avoca CLO XI to redeem A, B, C, D, E and F notes via refinancing
By Wendy Van Sickle
Columbus, Ohio, April 25 Avoca CLO XI DAC will redeem its class A, B, C, D, E and F notes due 2027 at the option of the retention holder, according to a filing with the London Stock Exchange.
The notes set for redemption on May 26 at par plus accrued interest include:
275 million of class A senior secured floating-rate notes;
18 million of class B-1 senior secured fixed-rate notes;
61 million of class B-2 senior secured floating-rate notes;
24.5 million of class C deferrable mezzanine floating-rate notes;
31.5 million of class D deferrable mezzanine floating-rate notes;
32.5 million of class E deferrable junior floating-rate notes; and
17.5 million of 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 rated refinancing notes; extend the non-call period, reinvestment period and maturity date applicable to the new rated notes and the subordinated notes; cause the new notes to be rated by Moodys Investor Services Ltd. and Standard & Poors Credit Market Services Europe Ltd.; change the portfolio profile tests to align them with more recent rating agency criteria; and provide for appointment of Bank of New York Mellon as trustee.
KKR Credit Advisors (Ireland) Unltd. Co. is the investment manager.
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