Chicago, Oct. 18 – KKR Financial Advisors II, LLC priced $402.7 million in a collateralized loan obligation being issued by KKR CLO 48, Ltd., according to a presale report.
The notes will mature on Oct. 20, 2036.
The CLO consists of $248 million of class A-1 senior secured floating-rate notes at SOFR plus 175 basis points, $12 million of class A-2 senior secured floating-rate notes at SOFR plus 200 bps, $44 million of class B senior secured floating-rate notes at SOFR plus 245 bps, $24 million of class C senior secured deferrable floating-rate notes, $16 million of class D-1 senior secured deferrable floating-rate notes at SOFR plus 430 bps, $8 million of class D-2 9.6% senior secured deferrable fixed-rate notes, $12 million of class E senior secured deferrable floating-rate notes at SOFR plus 748 bps, $200,000 of class F senior secured deferrable floating-rate notes at SOFR plus 764 bps and $38.5 million of subordinated notes.
KKR Financial Advisors II, LLC will manage the collateral through the end of the 4.9-year reinvestment period.
Collateral for the notes consists of first-lien senior secured leveraged loans.
KKR Financial is a subsidiary of San Francisco-based KKR Credit Advisors (US) LLC.
| Issuer: | KKR CLO 48, Ltd.
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $402.7 million
|
| Maturity: | Oct. 20, 2036
|
| Structure: | Cash flow CLO
|
| Manager: | KKR Financial Advisors II, LLC
|
| Pricing date: | Oct. 6
|
|
|
| Class A-1 notes
|
| Amount: | $248 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 175 bps
|
|
|
| Class A-2 notes
|
| Amount: | $12 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 200 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $44 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 245 bps
|
| Rating: | Fitch: AA
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Rating: | Fitch: A
|
|
|
| Class D-1 notes
|
| Amount: | $16 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 430 bps
|
| Rating: | Fitch: BBB+
|
|
|
| Class D-2 notes
|
| Amount: | $8 million
|
| Securities: | Senior secured deferrable fixed-rate notes
|
| Coupon: | 9.6%
|
| Rating: | Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | $12 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 748 bps
|
| Rating: | Fitch: BB+
|
|
|
| Class F notes
|
| Amount: | $200,000
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 764 bps
|
|
|
| Subordinated notes
|
| Amount: | $38.5 million
|
| Securities: | Subordinated notes
|
|
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