Avoca CLO XIV DAC (2nd Refinance): 05 July 2025

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 23 June 2015 (the Original Issue Date) Avoca CLO XIV issued Class A Senior Secured Floating Rate Notes due 2028, Class B-1 Senior Secured Fixed Rate Notes due 2028, Class B-2 Senior Secured Floating Rate Notes due 2028, Class C Deferrable Mezzanine Floating Rate Notes due 2028, Class D Deferrable Mezzanine Floating Rate Notes due 2028, Class E Deferrable Junior Floating Rate Notes due 2028, Class F Deferrable Junior Floating Rate Notes due 2028 and Subordinated Notes due 2028.

On 13 November 2017 (the 2017 Refinancing Date) the Issuer refinanced the 2015 Notes by issuing Class X Senior Secured Floating Rate Notes due 2031, Class A-1-R Senior Secured Floating Rate Notes due 2031, Class A-2-R Senior Secured Floating Rate Notes due 2031, Class B-1-R Senior Secured Fixed Rate Notes due 2031, Class B-2-R Senior Secured Floating Rate Notes due 2031, Class C-1-R Deferrable Mezzanine Floating Rate Notes due 2031, Class C-2-R Deferrable Mezzanine Floating Rate Notes due 2031, Class D-R Deferrable Mezzanine Floating Rate Notes due 2031, Class E-R Deferrable Junior Floating Rate Notes due 2031 and Class F-R Deferrable Junior Floating Rate Notes due 2031.

On or about 3 July 2025 (the 2025 re-issue Date) the Issuer will, subject to the satisfaction of certain conditions, refinance the Notes by issuing Class X-R Senior Secured Floating Rate Notes due 2039, Class A-R-R Senior Secured Floating Rate Notes due 2039, Class B-1-R-R Senior Secured Floating Rate Notes due 2039, Class B-2-R-R Senior Secured Fixed Rate Notes due 2039, Class C-R-R Deferrable Mezzanine Floating Rate Notes due 2039, Class D-R-R Deferrable Mezzanine Floating Rate Notes due 2039, Class E-R-R Deferrable Junior Floating Rate Notes due 2039 and Class F-R-R Deferrable Junior Floating Rate Notes due 2039.

The Class A Loan is not being offered herein and references to the Class A Loan are included in the Offering Circular for information purposes only.

The Subordinated Notes were issued on the Original Issue Date with a principal amount outstanding of €54,100,000 and are not being offered pursuant to this Offering.