Chicago, June 18 – Kayne Anderson Capital Advisors, LP refinanced four of the five rated notes from the Kayne CLO III, Ltd. collateralized loan obligation transaction for $121.95 million, according to a notice.
The notes being refinanced are the $48.7 million of class BR senior secured floating-rate notes at Libor plus 155 basis points, $20.55 million of class CR mezzanine secured deferrable floating-rate notes at Libor plus 185 bps, $26.8 million of class DR mezzanine secured deferrable floating-rate notes at Libor plus 275 bps and $25.9 million of class ER junior secured deferrable floating-rate notes at Libor plus 650 bps.
The original $288 million of class A senior secured floating-rate notes at Libor plus 148 bps will remain outstanding and part of the portfolio, as will the original $41.6 million of subordinated notes.
The CLO originally closed in March 2019 and retains its April 15, 2032 maturity date.
J.P. Morgan Securities, LLC is listed as the underwriter.
The portfolio is backed by a portfolio of broadly syndicated senior secured corporate loans.
Kayne Anderson will continue to manage the collateral.
The non-call period has been extended for the refinancing notes.
The alternative asset management firm is based in Los Angeles.
| Issuer: | Kayne CLO III, Ltd.
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| Issue: | Floating-rate notes
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| Amount: | $121.95 million
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| Maturity: | April 15, 2032
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| Structure: | Cash flow CLO
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| Placement agent: | J.P. Morgan Securities, LLC
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| Manager: | Kayne Anderson Capital Advisors, LP
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| Announcement date: | May 27
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| Class BR notes
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| Amount: | $48.7 million
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| Securities: | Senior secured floating-rate notes
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| Coupon: | Libor plus 155 bps
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| Rating: | Moody's: Aa1
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| Class CR notes
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| Amount: | $20.55 million
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| Securities: | Mezzanine secured deferrable floating-rate notes
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| Coupon: | Libor plus 185 bps
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| Rating: | Moody's: A2
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| Class DR notes
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| Amount: | $26.8 million
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| Securities: | Mezzanine secured deferrable floating-rate notes
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| Coupon: | Libor plus 275 bps
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| Rating: | Moody's: Baa3
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| Class ER notes
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| Amount: | $25.9 million
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| Securities: | Junior secured deferrable floating-rate notes
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| Coupon: | Libor plus 650 bps
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| Rating: | Moody's: Ba3
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