By Cristal Cody
Tupelo, Miss., Nov. 21 – KKR Credit Advisors (Ireland) priced €414 million of notes due Jan. 21, 2028 in a private placement collateralized loan obligation offering on Friday, according to a market source.
The Avoca CLO XIII Ltd. CLO sold €5 million of 1.66% class A-1 senior secured fixed-rate notes; €235 million of class A-2 senior secured floating-rate notes at Euribor plus 125 basis points; €14 million of 2.68% class B-1 senior secured fixed-rate notes: €29 million of class B-2 senior secured floating-rate notes at Euribor plus 210 bps; €27 million of class C deferrable floating-rate notes at Euribor plus 265 bps; €19 million of class D deferrable floating-rate notes at Euribor plus 350 bps; €26 million of class E deferrable floating-rate notes at Euribor plus 550 bps; €13 million of class F deferrable floating-rate notes at Euribor plus 600 bps and €46 million of subordinated notes.
BNP Paribas Securities Corp. arranged the deal.
KKR Credit Advisors will manage the CLO.
The offering is backed primarily by senior secured loans or senior secured bonds.
Proceeds from the deal will be used to purchase a €400 million portfolio of European leveraged loans.
KKR Credit Advisors (Ireland), previously known as Avoca Capital Holdings, was last in the primary market on Aug. 4 with the €415 million Avoca CLO XII Ltd. offering and on May 9, 2014 with the €518.5 million Avoca CLO XI Ltd. transaction.
The credit investment management firm is based in Dublin.
| Issuer: | Avoca CLO XIII Ltd.
|
| Amount: | €414 million
|
| Maturity: | Jan. 21, 2028
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BNP Paribas Securities Corp.
|
| Manager: | KKR Credit Advisors (Ireland)
|
| Pricing date: | Nov. 21
|
| Settlement date: | Dec. 11
|
| Distribution: | Europe private placement
|
|
|
| Class A-1 notes
|
| Amount: | €5 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 1.66%
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | €235 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 125 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | €14 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.68%
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA+
|
|
|
| Class B-2 notes
|
| Amount: | €29 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 210 bps
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA+
|
|
|
| Class C notes
|
| Amount: | €27 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Euribor plus 265 bps
|
| Ratings: | Moody’s: A2
|
| Fitch: A
|
|
|
| Class D notes
|
| Amount: | €19 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Euribor plus 350 bps
|
| Ratings: | Moody’s: Baa2
|
| Fitch: BBB
|
|
|
| Class E notes
|
| Amount: | €26 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Euribor plus 550 bps
|
| Ratings: | Moody’s: Ba2
|
| Fitch: BB
|
|
|
| Class F notes
|
| Amount: | €13 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Euribor plus 600 bps
|
| Ratings: | Moody’s: B2
|
| Fitch: B-
|
|
|
| Equity tranche
|
| Amount: | €46 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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