By Cristal Cody
Tupelo, Miss., Nov. 8 - Kramer Van Kirk Credit Strategies LP priced $414.87 million of notes in its second collateralized loan obligation deal of the year, according to the company and a market source.
The KVK CLO 2013-2 Ltd./KVK CLO 2013-2 LLC sold about $253.15 million of class A floating-rate notes at Libor plus 155 basis points; about $44.8 million of class B floating-rate notes at Libor plus 200 bps; about $36.4 million of class C deferrable floating-rate notes at Libor plus 285 bps; about $20.34 million of class D deferrable floating-rate notes at Libor plus 365 bps; about $17.85 million of class E deferrable notes at Libor plus 475 bps and about $42.33 million of subordinated notes.
Goldman Sachs & Co. arranged the deal.
The CLO manager is Kramer Van Kirk Credit Strategies LP.
Collateral consists of broadly syndicated senior secured corporate loans.
The Chicago-based credit asset management firm was last in the primary market in January 2013 with the $570.01 million KVK CLO 2013-1 Ltd./KVK CLO 2013-1 LLC offering.
The KVK CLO 2013-2 deal is the 14th CLO that the firm's principals have structured, raised and managed since 2002.
| Issuer: | KVK CLO 2013-2 Ltd./KVK CLO 2013-2 LLC
|
| Amount: | $414.87 million
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Goldman Sachs & Co.
|
| Manager: | Kramer Van Kirk Credit Strategies LP
|
| Call feature: | April 2015
|
| Pricing date: | Oct. 23
|
|
|
| Class A
|
| Amount: | $253.15 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 155 bps
|
| Ratings: | Non-rated
|
|
|
| Class B
|
| Amount: | $44.8 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Ratings: | Non-rated
|
|
|
| Class C
|
| Amount: | $36.4 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 285 bps
|
| Ratings: | Non-rated
|
|
|
| Class D
|
| Amount: | $20.34 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 365 bps
|
| Ratings: | Non-rated
|
|
|
| Class E
|
| Amount: | $17.85 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 475 bps
|
| Ratings: | Expected
|
|
|
| Equity tranche
|
| Amount: | $42.33 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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