By Cristal Cody
Tupelo, Miss., Dec. 16 – KKR Financial Advisors II, LLC priced $403.9 million of notes due Jan. 15, 2032 in a new broadly syndicated collateralized loan obligation transaction, according to market sources.
KKR CLO 32 Ltd./KKR CLO 32 LLC sold $240 million of class A-1 floating-rate notes at Libor plus 132 basis points, $16 million of class A-2 floating-rate notes at Libor plus 157 bps and $48 million of class B floating-rate notes at Libor plus 175 bps.
The CLO also sold $24 million of class C deferrable floating-rate notes at Libor plus 240 bps, $22 million of class D deferrable floating-rate notes at Libor plus 375 bps, $15 million of class E deferrable floating-rate notes at Libor plus 715 bps and $38.9 million of subordinated notes.
Deutsche Bank Securities Inc. was the placement agent.
The CLO has a one-year non-call period and a three-year reinvestment period.
The offering is collateralized primarily by broadly syndicated first-lien senior secured corporate loans.
The investment firm is a subsidiary of San Francisco-based KKR Credit Advisors (US) LLC.
| Issuer: | KKR CLO 32 Ltd./KKR CLO 32 LLC
|
| Amount: | $403.9 million
|
| Maturity: | Jan. 15, 2032
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Deutsche Bank Securities Inc.
|
| Manager: | KKR Financial Advisors II, LLC
|
| Call feature: | One year
|
| Pricing date: | Nov. 25
|
| Settlement date: | Dec. 18
|
|
|
| Class A-1 notes
|
| Amount: | $240 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 132 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $16 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 157 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $48 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Ratings: | S&P: AA
|
|
|
| Class C notes
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| Amount: | $24 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 240 bps
|
| Ratings: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $22 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 375 bps
|
| Ratings: | S&P: BBB-
|
|
|
| Class E notes
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| Amount: | $15 million
|
| Securities: | Deferrable floating-rate notes
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| Coupon: | Libor plus 715 bps
|
| Ratings: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $38.9 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
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