KKR resets €464.6 million notes in 2015 CLO; Benefit Street refinances $436.7 million CLO

By Cristal Cody

Tupelo, Miss., Nov. 9 – Details emerged on refinancing action in both the U.S. and European CLO markets.

KKR Credit Advisors (Ireland) Unlimited Co. refinanced €464.6 million of notes in a reset of a 2015 CLO, according to details released on Thursday.

Benefit Street Partners LLC sold $436.7 of notes in a refinancing of a 2015 dollar-denominated deal.

KKR reprices Avoca CLO

KKR Credit Advisors (Ireland) refinanced €464.6 million of notes in a reset of the 2015 vintage Avoca CLO XIV DAC transaction, according to a market source and a notice to noteholders on Thursday.

The CLO priced €274.4 million of class A-1R senior secured floating-rate notes at Euribor plus 81 basis points at the top of the capital structure.

BNP Paribas Securities Corp. was the refinancing agent.

The maturity on the refinanced notes was extended to Jan. 12, 2031 from the original July 12, 2028 maturity.

The original €516.1 million transaction was issued June 23, 2015.

KKR Credit Advisors (Ireland) has refinanced three vintage euro CLOs year to date.

The Dublin-based credit investment management firm priced one new CLO and refinanced one CLO deal in 2016.

Benefit Street refinances

Benefit Street Partners sold $436.7 of notes due July 18, 2027 in a refinancing of a vintage 2015 CLO deal, according to a market source and a notice of revised first supplemental indenture on Wednesday.

Benefit Street Partners CLO VII, Ltd./Benefit Street Partners CLO VII LLC sold $294.1 million of class A-1a-R senior secured floating-rate notes at Libor plus 78 bps in the senior tranche.

J.P. Morgan Securities LLC was the refinancing placement agent.

The original $512.6 million CLO was issued on July 29, 2015.

Benefit Street Partners has priced two new CLOs and refinanced five vintage CLOs year to date.

The CLO manager priced one new CLO and refinanced one vintage CLO transaction in 2016.

The credit investment arm of Providence Equity Partners LLC is based in New York City.

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