Chicago, March 24 – KKR Financial Advisors II LLC sold $607.55 million of notes in the new collateralized loan obligation with KKR CLO 31 Ltd./KKR CLO 31 LLC listed as co-issuers, according to a pre-sale report.
The portfolio, with an April 20, 2034 maturity, consists of $360 million of class A-1 senior secured floating-rate notes at Libor plus 112 basis points, $12 million of class A-2 senior secured floating-rate notes at Libor plus 132 bps and $84 million of class B senior secured floating-rate notes at Libor plus 150 bps.
In the lower-ranked classes there are $36 million of class C senior secured deferrable floating-rate notes at Libor plus 190 bps, $36 million of class D senior secured deferrable floating-rate notes at Libor plus 280 bps and $24 million of class E senior secured deferrable floating-rate notes at Libor plus 647 bps.
There are also $55.55 million of subordinated notes.
Management for the transaction will come from KKR Financial Advisors II.
Collateral for the notes is based on senior secured loans, cash and eligible investments for the most part.
The reinvestment period ends April 20, 2026. The non-call period ends April 20, 2023.
Most of the borrowers should be based in the United States or Canada.
Citigroup Global Markets Inc. is the placement agent.
KKR Financial is a subsidiary of San Francisco-based KKR Credit Advisors (US) LLC.
| Issuers: | KKR CLO 31 Ltd./KKR CLO 31 LLC
|
| Issue: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Amount: | $607.55 million
|
| Maturity: | April 20, 2034
|
| Agent: | Citigroup Global Markets Inc.
|
| Manager: | KKR Financial Advisors II LLC
|
| Call: | April 20, 2023
|
| Pricing date: | March 18
|
| Settlement date: | March 26
|
|
|
| Class A-1 notes
|
| Amount: | $360 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 112 bps
|
| Rating: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $12 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 132 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $84 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 150 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $36 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $36 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 280 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 647 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $55.55 million
|
| Securities: | Subordinated notes
|
|
|
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