Chicago, Feb. 1 – KKR Credit Advisors (Ireland) Unlimited Co. priced €408 million of notes due April 16, 2035 in the new Avoca CLO XXII DAC deal, according to market sources.
The collateralized loan obligation sold €2 million of class X senior secured floating-rate notes at Euribor plus 30 bps, €244 million of class A senior secured floating-rate notes at Euribor plus 83 bps, €26 million of class B-1 senior secured floating-rate notes at Euribor plus 135 bps and €18 million of class B-1 1.65% senior secured fixed-rate notes.
Additionally, the CLO includes €31 million of class C deferrable mezzanine floating-rate notes at Euribor plus 200 bps, €24.5 million of class D deferrable mezzanine floating-rate notes at Euribor plus 290 bps, €16.5 million of class E deferrable junior floating-rate notes at Euribor plus 535 bps, €12 million of class F deferrable junior floating-rate notes at Euribor plus 730 bps and €34 million of subordinated notes.
Credit Suisse Securities (Europe) Ltd. is the placement agent.
The CLO is backed primarily by senior secured obligations.
KKR Credit will manage the CLO which has a four-year reinvestment period.
KKR Credit Advisors (Ireland) is a Dublin-based credit investment management firm.
| Issuer: | Avoca CLO XXII DAC
|
| Amount: | €408 million
|
| Maturity: | April 16, 2035
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| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Credit Suisse Securities (Europe) Ltd.
|
| Manager: | KKR Credit Advisors (Ireland)
|
| Pricing date: | Feb. 1
|
| Settlement date: | March 9
|
|
|
| Class X notes
|
| Amount: | €2 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 30 bps
|
| Ratings: | Moody’s: Aaa
|
|
|
| Class A notes
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| Amount: | €244 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 83 bps
|
| Ratings: | Moody’s: Aaa
|
|
|
| Class B-1 notes
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| Amount: | €26 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 135 bps
|
|
|
| Class B-2 notes
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| Amount: | €18 million
|
| Securities: | Senior secured fixed-rate notes
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| Coupon: | 1.65%
|
|
|
| Class C notes
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| Amount: | €31 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | Euribor plus 200 bps
|
|
|
| Class D notes
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| Amount: | €24.5 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | Euribor plus 290 bps
|
|
|
| Class E notes
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| Amount: | €16.5 million
|
| Securities: | Deferrable junior floating-rate notes
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| Coupon: | Euribor plus 535 bps
|
|
|
| Class F notes
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| Amount: | €12 million
|
| Securities: | Deferrable junior floating-rate notes
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| Coupon: | Euribor plus 730 bps
|
|
|
| Equity
|
| Amount: | €34 million
|
| Securities: | Subordinated notes
|
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