Chicago, May 9 – KKR Credit Advisors (Ireland) Unlimited Co. sold €392.6 million in a collateralized loan obligation being issued by Avoca CLO XXVIII DAC, according to an offering document.
The notes will mature on April 15, 2037.
The CLO consists of €246 million of class A senior secured floating-rate notes at Euribor plus 175 basis points, €25 million of class B-1 senior secured floating-rate notes at Euribor plus 285 bps, €15 million of class B-2 6.5% senior secured fixed-rate notes, €24 million of class C deferrable mezzanine floating-rate notes at Euribor plus 360 bps, €26 million of class D deferrable mezzanine floating-rate notes at Euribor plus 500 bps, €19 million of class E deferrable junior floating-rate notes at Euribor plus 736 bps, €12 million of class F deferrable junior floating-rate notes at Euribor plus 911 bps and €25.6 million of subordinated notes.
KKR Credit Advisors (Ireland) Unlimited Co. will manage the collateral through the end of the reinvestment period on Oct. 15, 2027.
Collateral for the notes consists of senior secured obligations including corporate-rescue loans, senior, mezzanine, second-lien loans and high-yield bonds.
The notes can be called starting Oct. 12, 2024.
Citigroup Global Markets Ltd. was the placement agent.
KKR Credit Advisors (Ireland) is a Dublin-based credit investment management firm.
| Issuer: | Avoca CLO XXVIII DAC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | €392.6 million
|
| Maturity: | April 15, 2037
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Ltd.
|
| Manager: | KKR Credit Advisors (Ireland) Unlimited Co.
|
| Call feature: | Oct. 12, 2024
|
| Pricing date: | April 11
|
| Settlement date: | April 12
|
|
|
| Class A notes
|
| Amount: | €246 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 175 bps
|
| Price: | Par
|
| Rating: | Moody's: Aaa
|
| Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | €25 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 285 bps
|
| Price: | Par
|
| Rating: | Fitch: AA
|
|
|
| Class B-2 notes
|
| Amount: | €15 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 6.5%
|
| Price: | Par
|
| Rating: | Fitch: AA
|
|
|
| Class C notes
|
| Amount: | €24 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | Euribor plus 360 bps
|
| Price: | Par
|
| Rating: | Fitch: A
|
|
|
| Class D notes
|
| Amount: | €26 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | Euribor plus 500 bps
|
| Price: | Par
|
| Rating: | Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | €19 million
|
| Securities: | Deferrable junior floating-rate notes
|
| Coupon: | Euribor plus 736 bps
|
| Price: | 95
|
| Rating: | Fitch: BB-
|
|
|
| Class F notes
|
| Amount: | €12 million
|
| Securities: | Deferrable junior floating-rate notes
|
| Coupon: | Euribor plus 911 bps
|
| Rating: | Fitch: B-
|
|
|
| Subordinated notes
|
| Amount: | €25.6 million
|
| Securities: | Subordinated notes
|
|
|
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