Chicago, Feb. 9 – KKR Financial Advisors II LLC refinanced and extended for $451.4 million a collateralized loan obligation issued by KKR CLO 27 Ltd./KKR CLO 27 LLC, according to a pre-sale report.
The notes will mature on Oct. 15, 2032.
The CLO now consists of $288 million of class A-R senior secured floating-rate notes at SOFR plus 128 basis points, $54 million of class B-R senior secured floating-rate notes at SOFR plus 185 bps, $27 million of class C-R senior secured deferrable floating-rate notes at SOFR plus 225 bps, $27 million of class D-R senior secured deferrable floating-rate notes at SOFR plus 325 bps, $18 million of class E-R senior secured deferrable floating-rate notes at SOFR plus 650 bps and $37.4 million of subordinated notes.
Originally, in October 2019, the CLO sold $288 million of class A floating-rate notes at Libor plus 135 basis points; $41.75 million of class B-1 exchangeable floating-rate notes at Libor plus 190 bps and $10 million of 3.477% class B-2 fixed-rate notes.
KKR CLO 27 also originally priced $32.65 million of class C deferrable floating-rate notes at Libor plus 275 bps, $20.25 million of class D deferrable floating-rate notes at Libor plus 395 bps, $19.15 million of class E deferrable floating-rate notes at Libor plus 690 bps and $37.4 million of subordinated notes.
KKR Financial Advisors II LLC will manage the collateral through the end of the reinvestment period on Oct. 15, 2024.
The collateral pool will mostly have broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting Feb. 16, 2023.
BofA Securities Inc. was the placement agent.
The investment firm is a subsidiary of San Francisco-based KKR Credit Advisors (US) LLC.
| Issuer: | KKR CLO 27 Ltd./KKR CLO 27 LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $451.4 million
|
| Maturity: | Oct. 15, 2032
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Securities Inc.
|
| Manager: | KKR Financial Advisors II LLC
|
| Call feature: | Feb. 16, 2023
|
| Settlement date: | Feb. 16
|
|
|
| Class A-R notes
|
| Amount: | $288 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 128 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | $54 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 185 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $27 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 225 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $27 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 325 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R notes
|
| Amount: | $18 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 650 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $37.4 million
|
| Securities: | Subordinated notes
|
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