Avoca CLO XIII DAC (2nd Refinance): 19 April 2021

The assets securing the Notes will consist of a portfolio of Senior Loans, Secured Senior Bonds, Corporate Rescue Loans, Mezzanine Obligations and High Yield Bonds, and will be managed by KKR Credit Advisors (Ireland) Unlimited Company.

On 16 December 2014 (the Original Issue Date) Avoca CLO XIII issued Class A-1 Senior Secured Fixed Rate Notes due 2027, Class A-2 Senior Secured Floating Rate Notes due 2027, Class B-1 Senior Secured Fixed Rate Notes due 2027, Class B-2 Senior Secured Floating Rate Notes due 2027, Class C Deferrable Mezzanine Floating Rate Notes due 2027, Class D Deferrable Mezzanine Floating Rate Notes due 2027, Class E Deferrable Junior Floating Rate Notes due 2027, Class F Deferrable Junior Floating Rate Notes due 2027 and Subordinated Notes due 2027.

On 31 August 2017 (the 2017 Refinancing Date) the Issuer refinanced the Original Notes by issuing Class X Senior Secured Floating Rate Notes due 2030, Class A-R Senior Secured Floating Rate Notes due 2030, Class B-1-R Senior Secured Fixed Rate Notes due 2030, Class B-2-R Senior Secured Floating Rate Notes due 2030, Class B-3-R Senior Secured Floating Rate Notes due 2030, Class C-R Deferrable Mezzanine Floating Rate Notes due 2030, Class D-R Deferrable Mezzanine Floating Rate Notes due 2030, Class E-R Deferrable Junior Floating Rate Notes due 2030 and Class F-R Deferrable Junior Floating Rate Notes due 2030.

On or about 15 April 2021 the Issuer will, subject to the satisfaction of certain conditions, refinance the Refinanced Notes by issuing Class X Senior Secured Floating Rate Notes due 2034, Class A-R-R Senior Secured Floating Rate Notes due 2034, Class B-1-R-R Senior Secured Floating Rate Notes due 2034, Class B-2-R-R Senior Secured Fixed Rate Notes due 2034, Class C-R-R Deferrable Mezzanine Floating Rate Notes due 2034, Class D-R-R Deferrable Mezzanine Floating Rate Notes due 2034, Class E-R-R Deferrable Junior Floating Rate Notes due 2034 and Class F-R-R Deferrable Junior Floating Rate Notes due 2034.

The Subordinated Notes were issued on the Original Issue Date with a principal amount outstanding of €46,000,000 and are not being offered pursuant to this transaction.

The Offered Notes are being offered by the Issuer through Morgan Stanley & Co. International plc in its capacity as initial purchaser and arranger of the Offered Notes subject to prior sale.

EU & UK Risk Retention: The Investment Manager shall act as Retention Holder for the purposes of the EU/UK Retention and Transparency Requirements and will, for so long as any Class of Rated Notes remains outstanding, undertake to retain, on an ongoing basis, a material net economic interest in the transaction, which will be comprised of an interest in the first loss tranche, by way of holding Subordinated Notes with an aggregate original Principal Amount Outstanding, at any time, equal to not less than 5% of the Aggregate Collateral Balance.