By Cristal Cody
Tupelo, Miss., Feb. 26 – KKR Credit Advisors (Ireland) Unlimited Co. priced €458.35 million of notes due April 15, 2033 in the new Avoca CLO XXI DAC deal, according to market sources.
The collateralized loan obligation sold €2 million of class X floating-rate notes at Euribor plus 33 basis points, €123 million of class A-1 floating-rate notes at Euribor plus 89 bps, €156 million of class A-2 floating-rate notes at Euribor plus 89 bps, €30 million of class B-1 floating-rate notes at Euribor plus 150 bps and €15 million of 1.85% class B-2 fixed-rate notes.
Avoca CLO XXI also priced €32.5 million of class C floating-rate notes at Euribor plus 210 bps, €28 million of class D floating-rate notes at Euribor plus 315 bps, €23.75 million of class E floating-rate notes at Euribor plus 510 bps, €12.5 million of class F floating-rate notes at Euribor plus 748 bps and €35.6 million of subordinated notes.
Merrill Lynch International was the placement agent.
The CLO is backed primarily by euro-denominated senior secured corporate loans and bonds.
KKR Credit Advisors (Ireland) is a Dublin-based credit investment management firm.
| Issuer: | Avoca CLO XXI DAC
|
| Amount: | €458.35 million
|
| Maturity: | April 15, 2033
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Merrill Lynch International
|
| Manager: | KKR Credit Advisors (Ireland)
|
| Pricing date: | Feb. 24
|
|
|
| Class X notes
|
| Amount: | €2 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 33 bps
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class A-1 notes
|
| Amount: | €123 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 89 bps
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | €156 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 89 bps
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | €30 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 150 bps
|
| Ratings: | S&P: AA
|
| Fitch: AA
|
|
|
| Class B-2 notes
|
| Amount: | €15 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 1.85%
|
| Ratings: | S&P: AA
|
| Fitch: AA
|
|
|
| Class C notes
|
| Amount: | €32.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 210 bps
|
| Ratings: | S&P: A
|
| Fitch: A
|
|
|
| Class D notes
|
| Amount: | €28 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 315 bps
|
| Ratings: | S&P: BBB
|
| Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | €23.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 510 bps
|
| Ratings: | S&P: BB-
|
| Fitch: BB-
|
|
|
| Class F notes
|
| Amount: | €12.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 748 bps
|
| Ratings: | S&P: B-
|
| Fitch: B-
|
|
|
| Equity
|
| Amount: | €35.6 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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