Chicago, April 28 – Ares CLO Management LLC sold $502.45 million in a collateralized loan obligation being issued by Ares LXIV CLO Ltd./Ares LXIV CLO LLC, according to a presale report.
The notes will mature on April 15, 2035.
The CLO consists of $300.62 million of class A-1 senior secured floating-rate notes at SOFR plus 144 basis points, $19.38 million of class A-2 3.71% senior secured fixed-rate notes, $46 million of class B-1 senior secured floating-rate notes at SOFR plus 200 bps, $14 million of class B-2 4.24% senior secured fixed-rate notes, $20 million of class C-1 senior secured deferrable floating-rate notes at SOFR plus 235 bps, $10 million of class C-2 senior secured deferrable floating-rate notes at SOFR plus 285 bps, $30 million of class D senior secured deferrable floating-rate notes at SOFR plus 375 bps, $20 million of class E senior secured deferrable floating-rate notes at SOFR plus 744 bps and $42.45 million of subordinated notes.
Ares CLO Management LLC will manage the collateral through the end of the reinvestment period on April 15, 2027.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting April 15, 2024.
Barclays was the placement agent.
The alternative asset management firm is based in Los Angeles and is a subsidiary of Ares Management LP.
| Issuer: | Ares LXIV CLO Ltd./Ares LXIV CLO LLC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $502.45 million
|
| Maturity: | April 15, 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays
|
| Manager: | Ares CLO Management LLC
|
| Call feature: | April 15, 2024
|
| Settlement date: | May 6
|
|
|
| Class A-1 notes
|
| Amount: | $300.62 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 144 bps
|
|
|
| Class A-2 notes
|
| Amount: | $19.38 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 3.71%
|
|
|
| Class B-1 notes
|
| Amount: | $46 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 200 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-2 notes
|
| Amount: | $14 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 4.24%
|
| Rating: | S&P: AA
|
|
|
| Class C-1 notes
|
| Amount: | $20 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 235 bps
|
| Rating: | S&P: A+
|
|
|
| Class C-2 notes
|
| Amount: | $10 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 285 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 375 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $20 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 744 bps
|
|
|
| Subordinated notes
|
| Amount: | $42.45 million
|
| Securities: | Subordinated notes
|
|
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