Milbank LLP recently represented affiliates of KKR Asset Management LLC (KAM) in connection with the upsize by $300 million of the existing KKR Financial CLO 2011-1, Ltd. secured financing transaction, permitting the CLO issuer to borrow up to an incremental $225 million to purchase senior secured corporate loans. In connection with the upsize, KKR Financial Holdings LLC increased its residual interest in the transaction through the acquisition of an additional $75 million of subordinated notes. The transaction initially closed in March 2011 and was previously upsized in July 2011.
Partner Deborah M. Festa led the Milbank team, which included associate Michael Nguyen. Festa elaborates, “We were delighted to assist KAM and its affiliates in connection with the upsize of this groundbreaking transaction.”
