Ares Management organizes $707 million Ares XXXVII CLO offering

By Cristal Cody

Tupelo, Miss., Sept. 28 – Ares Management LLC intends to price a $707 million collateralized loan obligation offering, according to a market source.

The Ares XXXVII CLO, Ltd./Ares XXXVII CLO, LLC deal includes $433.3 million of class A-1 floating-rate notes (/AAA); $45.2 million of class A-2 floating-rate notes; $50 million of class A-2 floating-rate loans; $45.5 million of class B floating-rate notes; $37.1 million of class C deferrable floating-rate notes; $34.3 million of class D deferrable floating-rate notes; $12.6 million of class E deferrable floating-rate notes and $49 million of subordinated notes.

Goldman Sachs & Co. is the placement agent.

Ares CLO Management XXXVII LP will manage the CLO.

The notes are due Oct. 15, 2026.

The CLO is non-callable until Oct. 15, 2017. The reinvestment period ends Oct. 15, 2019.

The deal is backed primarily by broadly syndicated senior secured corporate loans.

Ares Management has brought three CLO transactions and refinanced one vintage CLO vehicle year to date.

The Los Angeles-based alternative asset management firm priced three CLO deals in 2014.

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