By Cristal Cody
Tupelo, Miss., Jan. 4 – KKR Financial Advisors II, LLC priced $609.7 million of notes due 2030 in the KKR Financial CLO 20 Ltd./KKR Financial CLO 20 LLC transaction, according to market sources.
The CLO sold $384 million of class A senior secured floating-rate notes at Libor plus 113 basis points; $69 million of class B senior secured floating-rate notes at Libor plus 155 bps; $34.2 million of class C senior secured deferrable floating-rate notes at Libor plus 195 bps; $37.8 million of class D floating-rate notes at Libor plus 275 bps; $27 million of class E senior secured deferrable floating-rate notes at Libor plus 550 bps and $57.7 million of subordinated notes.
Natixis Securities Americas LLC was the placement agent.
KKR Financial Advisors II will manage the CLO.
The CLO has a two-year non-call period and a five-year reinvestment period.
The deal is collateralized primarily by broadly syndicated senior secured corporate loans.
KKR is an investment firm and subsidiary of San Francisco-based KKR Credit Advisors (US) LLC.
| Issuer: | KKR Financial CLO 20 Ltd./KKR Financial CLO 20 LLC
|
| Amount: | $609.7 million
|
| Maturity: | 2030
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Natixis Securities Americas LLC
|
| Manager: | KKR Financial Advisors II, LLC
|
| Call feature: | Two years
|
| Pricing date: | Dec. 15
|
| Settlement date: | Dec. 28
|
|
|
| Class A notes
|
| Amount: | $384 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 113 bps
|
| Rating: | Moody’s: Aaa
|
|
|
| Class B notes
|
| Amount: | $69 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 155 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C notes
|
| Amount: | $34.2 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 195 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class D notes
|
| Amount: | $37.8 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 275 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E notes
|
| Amount: | $27 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 550 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Equity
|
| Amount: | $57.7 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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