Kramer Van Kirk coordinates $413.2 million KVK CLO 2014-1 offering

By Cristal Cody

Tupelo, Miss., Feb. 5 - Kramer Van Kirk Credit Strategies LP intends to price $413.2 million of notes due April 2026 in a collateralized loan obligation deal, according to a market source.

KVK CLO 2014-1 Ltd./KVK CLO 2014-1 LLC plans to offer $249.2 million of class A floating-rate notes (/AAA/); $47.6 million of class B floating-rate notes (/AA/); $34.4 million of class C deferrable floating-rate notes (/A/); $21.6 million of class D deferrable floating-rate notes (/BBB/); $19.2 million of class E deferrable floating-rate notes (/BB/); $4.8 million of class F deferrable floating-rate notes (/B/) and $36.4 million of subordinated notes.

Goldman Sachs & Co. will arrange the transaction.

Kramer Van Kirk Credit Strategies will manage the CLO.

The CLO is backed by a revolving pool primarily of broadly syndicated senior secured corporate loans.

The CLO has a two-year non-call period and a four-year reinvestment period.

The deal is expected to close on March 15.

The Chicago-based credit asset management firm priced two CLOs in 2013, the $570.01 million KVK CLO 2013-1 Ltd./KVK CLO 2013-1 LLC deal in January 2013 and the $415 million KVK CLO 2013-2 Ltd./KVK CLO 2013-2 LLC offering in October.

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