By Cristal Cody
Tupelo, Miss., Feb. 27 - KVK CLO 2013-1 Ltd./KVK CLO 2013-1 LLC priced $570.01 million of floating-rate notes due April 14, 2025 in an offering that closed on Wednesday, according to a market source.
The collateralized loan obligation offering included $346.5 million of class A floating-rate notes (/AAA/AAA) priced at Libor plus 140 basis points; $61.5 million of class B floating-rate notes (/AA/) at Libor plus 235 bps; $42.35 million of class C deferrable floating-rate notes (/A/) at Libor plus 300 bps; $29.43 million of class D deferrable floating-rate notes (/BBB/) at Libor plus 435 bps; $27.23 million of class E deferrable notes (/BB/) at Libor plus 550 bps; and $63.45 million of subordinated notes.
Goldman, Sachs & Co. was the arranger.
The CLO manager is Kramer Van Kirk Credit Strategies LP.
Collateral consists of broadly syndicated senior secured corporate loans.
Proceeds will be invested in an approximately $550 million portfolio comprised primarily of senior secured leveraged loans.
KVK CLO 2013-1 is an arbitrage cash flow collateralized loan obligation.
| Issuer: | KVK CLO 2013-1 Ltd./KVK CLO 2013-1 LLC
|
| Amount: | $570.01 million
|
| Maturity: | April 14, 2025
|
| Securities: | Floating-rate notes
|
| Structure: | Cash-flow CLO
|
| Placement agent: Goldman, Sachs & Co.
|
| Manager: | Kramer Van Kirk Credit Strategies LP
|
| Call feature: | April 2015
|
| Settlement date: Feb. 27
|
|
|
| Class A
|
| Amount: | $346.5 million
|
| Securities: | Class A floating-rate notes
|
| Coupon: | Libor plus 140 bps
|
| Ratings: | Standard & Poor's: AAA
|
| Fitch: AAA
|
|
|
| Class B
|
| Amount: | $61.5 million
|
| Securities: | Class B floating-rate notes
|
| Coupon: | Libor plus 235 bps
|
| Ratings: | Standard & Poor's: AA
|
|
|
| Class C
|
| Amount: | $42.35 million
|
| Securities: | Class C deferrable floating-rate notes
|
| Coupon: | Libor plus 300 bps
|
| Ratings: | Standard & Poor's: A
|
|
|
| Class D
|
| Amount: | $29.43 million
|
| Securities: | Class D deferrable floating-rate notes
|
| Coupon: | Libor plus 435 bps
|
| Ratings: | Standard & Poor's: BBB
|
|
|
| Class E
|
| Amount: | $27.23 million
|
| Securities: | Class E deferrable floating-rate notes
|
| Coupon: | Libor plus 550 bps
|
| Ratings: | Standard & Poor's: BB
|
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