By Cristal Cody
Tupelo, Miss., June 6 - KKR Financial CLO 2013-1, Ltd./KKR Financial CLO 2013-1, LLC sold $519.4 million of notes due June 16, 2025, a market source said on Thursday.
The collateralized loan obligation was upsized from an initial estimate of $400 million.
The $311.5 million tranche of class A-1 senior secured floating-rate notes (Aaa) priced at Libor plus 115 bps.
The deal also included six other tranches of floating-rate, fixed-rate and subordinated notes. Pricing terms were not immediately available.
Citigroup Global Markets Inc. arranged the offering, and KKR Capital Markets LLC was the placement agent.
KKR Financial Advisors II, LLC will manage the cash-flow CLO.
The notes have a two-year non-callable period.
The transaction is the second syndicated CLO deal that parent company New York-based KKR Financial Holdings LLC has sold since the financial crisis. The $412 million KKR Financial CLO 2012-1, Ltd. priced in December.
The 2013-1 CLO deal is expected to settle on June 25.
| Issuer: | KKR Financial CLO 2013-1, Ltd./KKR Financial CLO 2013-1, LLC
|
| Amount: | $519.4 million
|
| Maturity: | June 16, 2025
|
| Securities: | Floating-rate, fixed-rate and subordinated notes
|
| Structure: | Cash-flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | KKR Financial Advisors II, LLC
|
| Call feature: | Two years
|
| Settlement date: | June 25
|
|
|
| Class A-1 notes
|
| Amount: | $311.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 115 bps
|
| Rating: | Moody's: Aaa
|
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