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Park Avenue Institutional Advisers 2016-1 holders consider redemption
By Sarah Lizee
Olympia, Wash., June 6 – Park Avenue Institutional Advisers CLO Ltd. 2016-1/Park Avenue Institutional Advisers CLO LLC 2016-1 said its collateral manager and a majority of its subordinated noteholders are exploring a possible redemption of secured notes due 2028, according to a notice.
The notes would be redeemed in whole using refinancing or liquidation proceeds.
The following are affected:
• $250.5 million of class A-1 senior secured floating rate notes;
• $42.3 million of class B-2 senior secured floating rate notes;
• $34.4 million of class B senior secured deferrable floating rate notes;
• $23.2 million of class C senior secured deferrable floating rate notes; and
• $12.6 million of class D secured deferrable floating rate notes.
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