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Ares Management prices fourth CLO deal of year; U.S., European secondary trading active
By Cristal Cody
Tupelo, Miss., Oct. 22 – Ares Management LLC tapped the primary market with its fourth CLO deal of the year, while secondary trading was active on Thursday, according to market sources.
Details emerged on Ares’s latest CLO offering, which included $707 million of notes.
The October primary market remains light, while more action is expected in the weeks ahead, sources report.
CLO managers have priced nearly $93 billion of U.S. CLOs in 184 deals, including broadly syndicated, middle-market and refinancing transactions, according to Prospect News data. In the European primary market, 33 CLOs totaling €20.3 billion have priced year to date.
Both European and U.S. CLO notes were expected on BWIC lists over the session in the secondary market, a source said.
Ares brings $707 million
Ares Management sold $707 million of CLO notes and loans due Oct. 15, 2026, according to a market source.
Ares XXXVII CLO, Ltd./Ares XXXVII CLO, LLC priced $433.3 million of class A-1 senior floating-rate notes at Libor plus 146 basis points, $45.2 million of class A-2 senior floating-rate notes at Libor plus 220 bps and $50 million of class A-2 loans at Libor plus 220 bps at the top of the capital stack.
Goldman Sachs & Co. was the placement agent.
Ares CLO Management XXXVII LLC will manage the CLO.
The CLO is non-callable until Oct. 15, 2017. The reinvestment period ends Oct. 15, 2019.
The transaction is backed primarily by broadly syndicated senior secured corporate loans.
Ares Management has brought to market four new CLO transactions and one refinanced deal year to date.
The Los Angeles-based alternative asset management firm priced three CLOs in 2014.
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