KKR Credit Advisors markets €405.9 million of notes in new Avoca CLO XX offering

By Cristal Cody

Tupelo, Miss., March 19 – KKR Credit Advisors (Ireland) Unlimited Co. plans to price €405.9 million of notes due July 15, 2032 in the Avoca CLO XX DAC collateralized loan obligation transaction, according to a market source.

The deal includes €2 million of class X senior secured floating-rate notes (Aaa//AAA); €238 million of class A-1 senior secured floating-rate notes (Aaa//AAA); €10 million of class A-2 senior secured floating-rate notes (Aaa//AAA); €28 million of class B-1 senior secured floating-rate notes (Aa2//AA); €15 million of class B-2 senior secured fixed-rate notes (Aa2//AA); €24 million of class C deferrable mezzanine floating-rate notes (A2//A); €23 million of class D deferrable mezzanine floating-rate notes (Baa3//BBB); €22 million of class E deferrable junior floating-rate notes (Ba2//BB); €12 million of class F deferrable junior floating-rate notes (B2//B-) and €31.9 million of subordinated notes.

Morgan Stanley & Co. International plc is the placement agent.

The CLO has a two-year non-call period and a five-year reinvestment period.

The transaction is expected to close on May 20.

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

KKR Credit Advisors (Ireland) is a Dublin-based credit investment management firm.

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