Ares prices $501 million CLO; PPM sells $354.1 million; Anchorage brings $304.4 million

By Cristal Cody

Tupelo, Miss., Oct. 15 – Broadly syndicated CLO new issuance continues to remain steady heading into the year’s end.

Ares Management LP subsidiary Ares CLO Management LLC priced $501 million of notes in the manager’s second new dollar-denominated CLO offering of the year.

PPM Loan Management Co., LLC sold $354.1 million of notes in its first new issue broadly syndicated CLO deal of 2020.

Looking at other securitized issuance, Anchorage Capital Group, LLC priced a $304.4 million CDO transaction that closed on Thursday.

In other activity, Elmwood Asset Management LLC closed Thursday on its previously reported $452.5 million broadly syndicated CLO transaction, Elmwood CLO VI Ltd.

Elmwood CLO VI priced $283.5 million of class A floating-rate notes at Libor plus 132 basis points in the AAA-rated tranche.

More than $60 billion of dollar-denominated broadly syndicated CLOs have priced year to date, according to market sources.

In its deal, Ares CLO Management priced $501 million of notes due Oct. 25, 2031 in the CLO offering, according to market sources.

Ares LVI CLO Ltd./Ares LVI CLO LLC sold $300 million of class A-1 floating-rate notes at Libor plus 128 bps at the top of the capital structure.

Goldman Sachs & Co. LLC was the placement agent.

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