By Cristal Cody
Tupelo, Miss., June 27 – Ares Management Ltd. priced €325 million of notes in a European collateralized loan obligation deal on Friday, according to a market source.
Ares European CLO VII Ltd. priced the AAA-rated floating-rate notes at Euribor plus 135 basis points.
The CLO sold the AA tranche of floating-rate notes at Euribor plus 200 bps and the A-rated floating-rate notes at Euribor plus 245 bps.
The CLO priced the BBB-rated floating-rate notes at Euribor plus 330 bps, the BB tranche of floating-rate notes at Euribor plus 490 bps and the B-rated floating-rate notes at Euribor plus 550 bps.
The deal also included subordinated notes.
Additional tranche details were not available by press-time.
Citigroup Global Markets Inc. arranged the transaction.
Ares Management will manage the CLO.
The Los Angeles-based asset manager’s last European CLO deal was the €310.5 million Ares European CLO VI Ltd. transaction priced on July 17, 2013.
| Issuer: | Ares European CLO VII Ltd.
|
| Amount: | €325 million
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | Ares Management Ltd.
|
| Pricing date: | June 27
|
|
|
| Class A notes
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 135 bps
|
|
|
| Class B notes
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 200 bps
|
|
|
| Class C notes
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 245 bps
|
|
|
| Class D notes
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 330 bps
|
|
|
| Class E notes
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 490 bps
|
|
|
| Class F notes
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 550 bps
|
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