Chicago, March 18 – KKR Credit Advisors (Ireland) Unlimited Co. refinanced for €346.88 million five classes of notes from the collateralized loan obligation issued by Avoca CLO XX DAC, according to multiple press releases.
The notes mature on July 15, 2032.
The refinancing notes consist of €267.75 million of class A-1-R senior secured floating-rate notes at Euribor plus 82 basis points, €11.25 million of class A-2-R senior secured floating-rate notes, €15 million of class B-2-R 2.1% senior secured fixed-rate notes, €27 million of class C-R deferrable mezzanine floating-rate notes and €25.875 million of class D-R deferrable mezzanine floating-rate notes.
The original C-1, C-2, D-1 and D-2 notes were collapsed into a single class each.
KKR Credit Advisors (Ireland) will manage the collateral through the end of the reinvestment period in January 2024.
Collateral for the notes consists of senior secured loans and senior secured bonds.
NatWest Markets plc and GreensLedge Capital Markets Europe LLP were the placement agents.
| Issuer: | Avoca CLO XX DAC
|
| Issue: | Floating-rate notes and fixed-rate notes
|
| Amount: | €346.875 million
|
| Maturity: | July 15, 2032
|
| Structure: | Cash flow CLO
|
| Placement agents: | NatWest Markets plc and GreensLedge Capital Markets Europe LLP
|
| Manager: | KKR Credit Advisors (Ireland) Unlimited Co.
|
| Settlement date: | Dec. 13, 2021
|
|
|
| Class A-1-R notes
|
| Amount: | €267.75 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 82 bps
|
| Rating: | Moody's: Aaa
|
| Fitch: AAA
|
|
|
| Class A-2-R notes
|
| Amount: | €11.25 million
|
| Securities: | Senior secured floating-rate notes
|
| Rating: | Moody's: Aaa
|
| Fitch: AAA
|
|
|
| Class B-2-R notes
|
| Amount: | €15 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.1%
|
| Rating: | Moody's: Aa2
|
| Fitch: AA
|
|
|
| Class C-R notes
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| Amount: | €27 million
|
| Securities: | Deferrable mezzanine floating-rate notes
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| Rating: | Moody's: A2
|
| Fitch: A
|
|
|
| Class D-R notes
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| Amount: | €25.875 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Rating: | Moody's: Baa3
|
| Fitch: BBB
|
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