Avoca CLO XXVIII DAC Refinance: 18 October 2024

The assets securing the Debt will consist primarily 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 12 April 2023 (the Original Issue Date) Avoca CLO XXVIII issued Class A Senior Secured Floating Rate Notes due 2037, Class B-1 Senior Secured Floating Rate Notes due 2037, Class B-2 Senior Secured Fixed Rate Notes due 2037, Class C Deferrable Mezzanine Floating Rate Notes due 2037, Class D Deferrable Mezzanine Floating Rate Notes due 2037, Class E Deferrable Junior Floating Rate Notes due 2037, Class F Deferrable Junior Floating Rate Notes due 2037 and Subordinated Notes due 2037.

On or about 15 October 2024 (the re-issue Date) the Issuer will, subject to the satisfaction of certain conditions, refinance the Notes by issuing Class A-R Senior Secured Floating Rate Notes due 2037, Class B-1-R Senior Secured Floating Rate Notes due 2037, Class B-2-R Senior Secured Fixed Rate Notes due 2037, Class C-R Deferrable Mezzanine Floating Rate Notes due 2037, Class D-R Deferrable Mezzanine Floating Rate Notes due 2037, Class E-R Deferrable Junior Floating Rate Notes due 2037 and Class F-R Deferrable Junior Floating Rate Notes due 2037. The Issuer will also issue additional Subordinated Notes due 2037.

The Original Subordinated Notes were issued on the Original Issue Date with a principal amount outstanding of €25,600,000 and are not being offered pursuant to this re-financing. The Additional Subordinated Notes being offered shall form a single class of Subordinated Notes.

US Risk Retention: The Retention Holder does not intend to retain a risk retention interest contemplated by the US Risk Retention Rules in connection with the transaction.