First Eagle to refinance notes from $355.5 million KVK CLO 2016-1

By Cristal Cody

Tupelo, Miss., Dec. 2 – First Eagle Alternative Credit, LLC plans to refinance notes from a $355.5 million 2016 collateralized loan obligation transaction, according to a market notice on Tuesday.

In the original KVK CLO 2016-1 Ltd. offering issued Dec. 23, 2016, the CLO priced $218.75 million of class A floating-rate notes at Libor plus 154 basis points; $45.5 million of class B floating-rate notes at Libor plus 225 bps; $22.75 million of class C floating-rate notes at Libor plus 315 bps; $17.5 million of class D floating-rate notes at Libor plus 440 bps; $17.5 million of class E floating-rate notes at Libor plus 790 bps and $33.5 million of subordinated notes.

The notes are due Jan. 15, 2029.

First Eagle is the collateral manager with PGIM, Inc. designated as a successor manager.

Proceeds from the Rule 144A refinancing will be used to redeem the original rated notes on or after Jan. 15, 2021. The CLO will have $23.5 million of subordinated notes remain outstanding.

Boston-based First Eagle is an alternative credit management firm.

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