Avoca CLO XX DAC (2nd Refinance): 19 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 15 May 2019 (the Original Issue Date) Avoca CLO XX issued Class X Senior Secured Floating Rate Notes due 2032, Class A-1 Senior Secured Floating Rate Notes due 2032, Class A-2 Senior Secured Floating Rate Notes due 2032, Class B-1 Senior Secured Floating Rate Notes due 2032, Class B-2 Senior Secured Fixed Rate Notes due 2032, Class C-1 Deferrable Mezzanine Floating Rate Notes due 2032, Class C-2 Deferrable Mezzanine Floating Rate Notes due 2032, Class D-1 Deferrable Mezzanine Floating Rate Notes due 2032, Class D-2 Deferrable Mezzanine Floating Rate Notes due 2032, Class E Deferrable Junior Floating Rate Notes due 2032, Class F Deferrable Junior Floating Rate Notes due 2032 and Subordinated Notes due 2032.

On 13 December 2021 (the 2021 Refinancing Date) the Issuer refinanced the 2019 Notes by issuing Class A-1-R Senior Secured Floating Rate Notes due 2032, Class A-2-R Senior Secured Floating Rate Notes due 2032, Class B-2-R Senior Secured Fixed Rate Notes due 2032, Class C-R Deferrable Mezzanine Floating Rate Notes due 2032 and Class D-R Deferrable Mezzanine Floating Rate Notes due 2032.

On or about 15 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 2038, Class A-R-R Senior Secured Floating Rate Notes due 2038, Class B-R-R Senior Secured Floating Rate Notes due 2038, Class C-R-R Deferrable Mezzanine Floating Rate Notes due 2038, Class D-R-R Deferrable Mezzanine Floating Rate Notes due 2038, Class E-R-R Deferrable Junior Floating Rate Notes due 2038 and Class F-R-R Deferrable Junior Floating Rate Notes due 2038.

The Class A Loan is not being offered herein and references to the Class A Loan are included in this Offering for information purposes only. The amount of the Class A Loan is the total commitment on the Issue Date.

The Subordinated Notes were issued on the Original Issue Date with a principal amount outstanding of €35.8mln and are not being offered pursuant to this Offering.