Ares Dynamic Credit Allocation Fund completes $320 million IPO

By Toni Weeks

San Diego, Nov. 28 - Ares Management LLC announced in a 497 filing with the Securities and Exchange Commission that the $320 million initial public offering of the Ares Dynamic Credit Allocation Fund, Inc. has been completed. UBS Investment Bank, Bank of America Merrill Lynch, Citigroup, Morgan Stanley and Wells Fargo Securities were the lead underwriters for the offering, which also has a $48 million greenshoe.

The fund seeks to provide an attractive level of total return primarily through current income and, secondarily, through capital appreciation by investing in a portfolio of credit investments, including senior secured loans, high-yield corporate bonds and investment-grade collateralized loan obligations.

The fund priced 16 million shares at $20.00 each for a total issuance of $320 million. Settlement is expected Nov. 30.

Los Angeles-based Ares Capital Management II LLC serves as the fund's investment adviser.

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