By Cristal Cody
Tupelo, Miss., Oct. 9 – Ares European Loan Management LLP priced €306.7 million of notes due Oct. 21, 2033 in the manager’s first euro-denominated collateralized loan obligation offering priced in 2020, according to a market source.
Ares European CLO XIV BV sold €2 million of class X senior secured floating-rate notes at Euribor plus 70 basis points, €185.1 million of class A senior secured floating-rate notes at Euribor plus 115 bps and €23.1 million of class B senior secured floating-rate notes at Euribor plus 175 bps.
Ares also priced €19.5 million of class C senior secured deferrable floating-rate notes at Euribor plus 280 bps, $21.3 million of class D senior secured deferrable floating-rate notes at Euribor plus 425 bps, €18.3 million of class E senior secured deferrable floating-rate notes at Euribor plus 682 bps, €6.9 million of class F senior secured deferrable floating-rate notes at Euribor plus 849 bps and €30.5 million of subordinated notes.
Goldman Sachs International was the placement agent.
Ares European Loan Management will manage the CLO.
The CLO is backed mainly by broadly syndicated senior secured loans or senior secured bonds.
Ares was last in the primary market on Nov. 27, 2019 when it priced the Ares European CLO XIII BV transaction, which closed at the beginning of the year on Jan. 21.
Ares European Loan Management is an asset management firm based in London.
| Issuer: | Ares European CLO XIV BV
|
| Amount: | €306.7 million
|
| Maturity: | Oct. 21, 2033
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Goldman Sachs International
|
| Manager: | Ares European Loan Management LLP
|
| Settlement date: | Nov. 26
|
|
|
| Class X notes
|
| Amount: | €2 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 70 bps
|
| Ratings: | Moody’s: Aaa
|
|
|
| Class A notes
|
| Amount: | €185.1 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 115 bps
|
| Ratings: | Moody’s: Aaa
|
|
|
| Class B notes
|
| Amount: | €23.1 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 175 bps
|
| Ratings: | Moody’s: Aa2
|
|
|
| Class C notes
|
| Amount: | €19.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 280 bps
|
| Ratings: | Moody’s: A2
|
|
|
| Class D notes
|
| Amount: | €21.3 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 425 bps
|
| Ratings: | Moody’s: Baa3
|
|
|
| Class E notes
|
| Amount: | €18.3 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 682 bps
|
| Ratings: | Moody’s: Ba3
|
|
|
| Class F notes
|
| Amount: | €6.9 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 849 bps
|
| Ratings: | Moody’s: B3
|
|
|
| Equity
|
| Amount: | €30.5 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
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