KKR Credit Advisors to price €413.85 million notes in new Avoca CLO XVIII deal

By Cristal Cody

Tupelo, Miss., April 12 – KKR Credit Advisors (Ireland) Unlimited Co. plans to price €413.85 million of notes due April 15, 2031 in the Avoca CLO XVIII DAC collateralized loan obligation transaction, according to a market source.

The deal includes €236 million of class A floating-rate notes (AAA); €36 million of class B-1 floating-rate notes (AA); €20 million of class B-2 fixed-rate notes (AA); €24.8 million of class C floating-rate notes (A); €20 million of class D floating-rate notes (BBB); €22.4 million of class E floating-rate notes (BB); €11.6 million of class F floating-rate notes (B-) and €43.05 million of subordinated notes.

Barclays is the placement agent.

KKR Credit Advisors (Ireland) is the CLO manager.

The CLO is non-callable for two years. The deal has a four-year reinvestment period.

The transaction is expected to close on May 24.

The offering is backed primarily by broadly syndicated senior secured corporate loans.

KKR Credit Advisors (Ireland) refinanced three vintage euro CLOs in 2017.

The credit investment management firm is based in Dublin.

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