By Cristal Cody
Tupelo, Miss., Sept. 30 - KKR Financial Holdings LLC said on Monday that it added $300 million to the total facility size of the KKR Financial CLO 2011-1, Ltd. transaction.
The CLO on Friday entered into amendments to its existing secured financing transaction, according to an 8-K filing with the Securities and Exchange Commission.
The CLO 2011-1 now can borrow up to an additional $225 million at the same rate of Libor plus 135 basis points. KKR Financial also purchased an additional $75 million of subordinated notes from the CLO.
The KKR Financial CLO 2011-1 will use the proceeds to purchase senior secured corporate loans.
The CLO originally closed on March 31, 2011 as a $400 million privately negotiated deal between the company and a third-party senior lender. KKR Financial retained $100 million of mezzanine notes and subordinated notes in the transaction, according to the company.
The CLO was reopened on July 6, 2011 and upsized to $600 million, while KKR Financial increased its residual interest in the deal to $150 million from $100 million.
New York-based KKR Financial Holdings has priced two new CLOs in the last year, including the $519.4 million KKR Financial CLO 2013-1, Ltd./KKR Financial CLO 2013-1, LLC deal in June and the $412 million KKR Financial CLO 2012-1, Ltd. in December.
| Issuer: | KKR Financial CLO 2011-1, Ltd.
|
| Amount: | $300 million
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| Securities: | Floating-rate and subordinated notes
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| Coupon: | Libor plus 135 bps
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| Structure: | Cash-flow CLO
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| Pricing date: | Sept. 27
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| Total outstanding: | $900 million
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