By Rebecca Melvin
New York, July 8 – KKR Financial Advisors II LLC sold $413 million of notes due July 2027 in the KKR CLO 12 Ltd./KKR CLO 12 LLC collateralized loan obligation deal, a market source said.
The CLO priced $206 million of class A-1A senior secured floating-rate notes at Libor plus 140 basis points; $50 million of class A-1L senior secured floating-rate notes at Libor plus 140 bps; up to $50 million of class A01B senior secured floating-rate notes at Libor plus 140 bps; $45 million of class B senior secured floating-rate notes at Libor plus 220 bps; $20 million of class C senior secured deferrable floating-rate notes at Libor plus 290 bps; $28 million of class D senior secured deferrable floating-rate notes at Libor plus 380 bps; $19 million of class E senior secured deferrable floating-rate notes at Libor plus 585 bps and $45 million of subordinated notes.
BNP Paribas was the underwriter.
KKR Financial Advisors II will manage the CLO.
The deal is backed primarily by broadly syndicated first-lien senior secured corporate loans.
The issue has a two-year non-call period and a four-year reinvestment period.
KKR Financial Advisors brought its KKR CLO 11 earlier this year and two U.S. CLO transactions in 2014.
The firm is a subsidiary of KKR Credit Advisors II LLC, which is part of global investment firm Kohlberg Kravis Roberts & Co. LP.
| Issuer: | KKR CLO 12 Ltd/KKR CLO 12 LLC
|
| Amount: | $413 million
|
| Maturity: | July 2027
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Underwriter: | BNP Paribas
|
| Manager: | KKR Financial Advisors II LLC
|
| Settlement date: | July 15
|
|
|
| Class A-1A notes
|
| Amount: | $206 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 140 bps
|
| Rating: | Moody’s: Aaa
|
|
|
| Class A-1L loans
|
| Amount: | $50 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 140 bps
|
| Rating: | Moody’s: Aaa
|
|
|
| Class A-1B notes
|
| Amount: | Up to $50 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 140 bps
|
| Rating: | Moody’s: Aaa
|
|
|
| Class B notes
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| Amount: | $45 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 220 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C notes
|
| Amount: | $20 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 290 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class D notes
|
| Amount: | $28 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 380 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E notes
|
| Amount: | $19 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 585 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Equity
|
| Amount: | $45 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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