By Cristal Cody
Tupelo, Miss., Oct. 30 – KKR Credit Advisors (Ireland) Unlimited Co. priced $320 million of notes due July 15, 2030 in a second refinancing of two tranches from the 2014 vintage Avoca CLO XI Ltd. collateralized loan obligation, according to a market source and a notice to noteholders.
Avoca CLO XI DAC priced €300 million of class A-R-R senior secured floating-rate notes at Euribor plus 68 basis points and €20 million of 1.95% class B-1R-R senior secured fixed-rate notes.
Goldman Sachs International was the refinancing agent.
KKR Credit Advisors (Ireland), formerly known as Avoca Capital Holdings, remains the CLO manager.
In the first refinancing issued May 26, 2017, the €465.3 million renamed Avoca CLO XI DAC vehicle priced €300 million of class A-R senior secured floating-rate notes at Euribor plus 89 bps and €20 million of 2.25% class B-1-R senior secured fixed-rate notes.
That deal also had included €3 million of class X senior secured floating-rate notes at Euribor plus 70 bps; €300 million of class A-R senior secured floating-rate notes at Euribor plus 89 bps; €20 million of 2.25% class B-1-R senior secured fixed-rate notes; €25 million of class B-2-R senior secured floating-rate notes at Euribor plus 155 bps; €15 million of class B-3-R senior secured floating-rate notes at Euribor plus 175 bps/Euribor plus 155 bps; €21 million of class C-1-R deferrable mezzanine floating-rate notes at Euribor plus 215 bps; €15 million of class C-2-R deferrable mezzanine floating-rate notes at Euribor plus 235 bps/Euribor plus 215 bps; €23 million of class D-R deferrable mezzanine floating-rate notes at Euribor plus 310 bps; €27.5 million of class E-R deferrable junior floating-rate notes at Euribor plus 510 bps and €15.8 million of class F-R deferrable junior floating-rate notes at Euribor plus 650 bps.
The original €518.5 million CLO transaction was issued June 5, 2014. The original CLO sold €275 million of class A senior secured floating-rate notes at Euribor plus 140 bps; €18 million of 3.235% class B-1 senior secured fixed-rate notes; €61 million of class B-2 senior secured floating-rate notes at Euribor plus 200 bps; €24.5 million of class C senior secured deferrable floating-rate notes at Euribor plus 260 bps; €31.5 million of class D senior secured deferrable floating-rate notes at Euribor plus 350 bps; €32.5 million of class E senior secured deferrable floating-rate notes at Euribor plus 470 bps; €17.5 million of class F senior secured deferrable floating-rate notes at Euribor plus 590 bps and €58.5 million of subordinated notes.
Proceeds will be used to redeem the outstanding class A-R and B-1-R notes on Nov. 26.
KKR Credit Advisors (Ireland) is a credit investment management firm based in Dublin.
| Issuer: | Avoca CLO XI DAC
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| Amount: | €320 million refinancing
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| Maturity: | July 15, 2030
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| Securities: | Fixed- and floating-rate notes
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| Structure: | Cash flow CLO
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| Refinancing agent: | Goldman Sachs International
|
| Manager: | KKR Credit Advisors (Ireland) Unlimited Co.
|
| Notice date: | Oct. 25
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| Settlement date: | Nov. 26
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class A-R-R notes
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| Amount: | €300 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 68 bps
|
| Rating: | Moody’s: Aaa
|
|
|
| Class B-1R-R notes
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| Amount: | €20 million
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| Securities: | Senior secured fixed-rate notes
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| Coupon: | 1.95%
|
| Rating: | Moody’s: Aa2
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