Avoca CLO IV secures consents to reduce class E notes, redeem class F

By Wendy Van Sickle

Columbus, Ohio, May 19 – Avoca CLO IV plc received approval from the requisite majority of noteholders to reduce the principal amount outstanding of its €20.5 million class E senior secured deferrable floating-rate notes due 2022 and the class E component of its €10 million class N combination notes due 2022, according to a notice.

The issuer also plans to fully redeem and cancel its class F subordinated notes.

The class E and class N noteholders passed an extraordinary resolution containing the changes at a meeting held at 5:30 a.m. ET on May 18.

Holders of at least 66 2/3% of the aggregate principal amount outstanding of the class E notes and class N combination notes had to approve the amendment for it to pass.

Deutsche Trustee Co. Ltd. is the trustee. Deutsche Bank AG, London Branch is the principal paying agent.

KKR Credit Advisors (Ireland) Unltd. Co. is the investment manager.

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