Ares refinances $439.5 million 2013 CLO; Invesco refinances $484.3 million 2014 notes

By Cristal Cody

Tupelo, Miss., March 22 – Details emerged in the refinancing of two vintage CLOs, while the refinancing pace remains on track to soar past the volume brought in 2016.

Ares Management LLC priced $439.5 million of notes from a vintage 2013 CLO transaction.

Invesco Senior Secured Management, Inc. refinanced $484.3 million of notes from a 2014 deal.

More than $36 billion of U.S. CLOs have been refinanced year to date, compared to the $37.49 billion of CLOs refinanced in all of 2016, according to market sources.

Ares refinances CLO

Ares Management priced $439.5 million of notes due Oct. 17, 2024 at par in a refinancing of the vintage 2013 Ares XXVIII CLO Ltd. transaction, according to a market source.

The CLO sold $310 million of class A-R floating-rate notes at Libor plus 101 basis points in the senior tranche.

BofA Merrill Lynch was the refinancing agent.

Ares Management priced two new CLOs and refinanced two vintage CLOs in 2016.

The alternative asset management firm is based in Los Angeles.

Invesco refinances A Voce CLO

Invesco Senior Secured Management refinanced $484.3 million of notes due July 15, 2026 at par in three tranches from the vintage 2014 A Voce CLO, Ltd./A Voce CLO LLC transaction, according to a market source.

The CLO priced $386.4 million of class A-1-R floating-rate notes at Libor plus 116 bps at the top of the capital stack.

Barclays was the refinancing agent.

Invesco Senior Secured Management is a subsidiary of Atlanta-based Invesco, Ltd.

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