By Cristal Cody
Tupelo, Miss., Feb. 14 – KKR Financial Advisors II, LLC priced $452.5 million of notes due March 15, 2031 in the new KKR CLO 28 Ltd./KKR CLO 28 LLC broadly syndicated collateralized loan obligation transaction, according to a market source.
The CLO sold $288 million of class A floating-rate notes at Libor plus 114 basis points, $49.5 million of class B floating-rate notes at Libor plus 155 bps, $31.5 million of class C floating-rate notes at Libor plus 200 bps, $24.75 million of class D floating-rate notes at Libor plus 290 bps, $20.25 million of class E floating-rate notes at Libor plus 650 bps and $38.5 million of subordinated notes.
Barclays was the placement agent.
The CLO has a one-year non-call period and a three-year reinvestment period.
The offering is collateralized primarily by broadly syndicated first-lien senior secured corporate loans.
The investment firm is a subsidiary of San Francisco-based KKR Credit Advisors (US) LLC.
| Issuer: | KKR CLO 28 Ltd./KKR CLO 28 LLC
|
| Amount: | $452.5 million
|
| Maturity: | March 15, 2031
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays
|
| Manager: | KKR Financial Advisors II, LLC
|
| Call feature: | One year
|
| Settlement date: | March 4
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class A notes
|
| Amount: | $288 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 114 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $49.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 155 bps
|
| Ratings: | Non-rated
|
|
|
| Class C notes
|
| Amount: | $31.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Ratings: | Non-rated
|
|
|
| Class D notes
|
| Amount: | $24.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 290 bps
|
| Ratings: | Non-rated
|
|
|
| Class E notes
|
| Amount: | $20.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 650 bps
|
| Ratings: | Non-rated
|
|
|
| Equity
|
| Amount: | $38.5 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
