Avoca CLO XXI DAC (Refinance): 17 January 2026

The assets securing the Notes 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 7 April 2020 (the Original Issue Date) Avoca CLO XXI DAC issued Class X Senior Secured Floating Rate Notes due 2033, Class A-1 Senior Secured Floating Rate Notes due 2033, Class A-2 Senior Secured Floating Rate Notes due 2033, Class B-1 Senior Secured Floating Rate Notes due 2033, Class B-2 Senior Secured Fixed Rate Notes due 2033, Class C Deferrable Mezzanine Floating Rate Notes due 2033, Class D Deferrable Mezzanine Floating Rate Notes due 2033, Class E Deferrable Junior Floating Rate Notes due 2033, Class F Deferrable Junior Floating Rate Notes due 2033 and Subordinated Notes due 2033.

On or about 15 January 2026 (the Re-issue Date) the Issuer will refinance the Rated Notes by issuing Class X-R Senior Secured Floating Rate Notes due 2040, Class A-R Senior Secured Floating Rate Notes due 2040, Class B-R Senior Secured Floating Rate Notes due 2040, Class C-R Deferrable Mezzanine Floating Rate Notes due 2040, Class D-R Deferrable Mezzanine Floating Rate Notes due 2040, Class E-R Deferrable Junior Floating Rate Notes due 2040, Class F-R Deferrable Junior Floating Rate Notes due 2040 and also additional Subordinated Notes due 2040.

The Offered Notes are being offered by the Issuer through Citigroup Global Markets Limited in its capacity as sole arranger and placement agent.

The Original Subordinated Notes were issued on the Original Issue Date and are not being offered pursuant to this offering. The additional Subordinated Notes being offered pursuant to this offering together with the Original Subordinated Notes shall form a single class of Subordinated Notes.