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Kramer Van Kirk prices $516 million; Jefferies brings revolver CLO; deal pace steady
By Cristal Cody
Tupelo, Miss., Aug. 13 – Kramer Van Kirk Credit Strategies LP came by the CLO primary market with a $516 million offering of notes due Oct. 15, 2026.
KVK CLO 2014-3 Ltd./KVK CLO 2014-3 LLC priced $317.5 million of class A floating-rate notes (/AAA/) at Libor plus 153 basis points at the top of the capital structure, according to a market source.
Goldman Sachs & Co. was the placement agent.
Kramer Van Kirk Credit Strategies will manage the CLO, which is backed primarily by a revolving pool of broadly syndicated senior secured corporate loans.
The transaction is the Chicago-based credit asset management firm’s third CLO deal year to date.
More than $2 billion of U.S. dollar-denominated CLOs have priced in August, according to data compiled by Prospect News.
Issuance is expected to be steady over the month, a source said.
In other new issuance, Jefferies Finance LLC priced $498 million of notes due Feb. 21, 2022 in the JFIN Revolver CLO 2014 Ltd./JFIN Revolver CLO 2014 LLC transaction, according to a market source.
In the transaction, the JFIN Revolver CLO sold $140 million of class A-1 senior secured floating-rate notes (Aaa/AAA/) at Libor plus 150 bps.
Jefferies LLC was the placement agent.
The deal is collateralized primarily by broadly syndicated first-lien senior secured loans, cash and eligible investments. Unlike typical managed cash flow CLOs, all of the JFIN Revolver CLO transaction’s assets will consist of revolving loans and delayed-draw loans.
New York City-based Jefferies Finance, a commercial finance firm co-owned by Jefferies Group LLC and Massachusetts Mutual Life Insurance Co., has priced four CLO transactions in 2014.
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