By Cristal Cody
Tupelo, Miss., June 26 – Ares Management LLC raised $512.75 million in an offering of notes due July 20, 2030 in the Ares XLVIII CLO Ltd./Ares XLVIII CLO LLC transaction, according to a market source.
The CLO sold $290 million of class A-1 floating-rate notes at Libor plus 102 basis points and $35 million of class A-2 floating-rate notes at Libor plus 130 bps.
Ares XLVIII also priced $47.5 million of class B floating-rate notes at Libor plus 158 bps; $36 million of class C floating-rate notes at Libor plus 180 bps; $31 million of class D floating-rate notes at Libor plus 270 bps; $17.5 of class E floating-rate notes at Libor plus 520 bps and $55.75 million of subordinated notes.
BofA Merrill Lynch was the placement agent.
Ares CLO Management II LLC is the CLO manager.
The CLO has a two-year non-call period and a five-year reinvestment period.
The notes are backed primarily by broadly syndicated senior secured corporate loans.
Ares Management has priced two new CLOs year to date.
The alternative asset management firm is based in Los Angeles.
| Issuer: | Ares XLVIII CLO Ltd./Ares XLVIII CLO LLC
|
| Amount: | $512.75 million
|
| Maturity: | July 20, 2030
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Merrill Lynch
|
| Manager: | Ares CLO Management II LLC
|
| Call feature: | Two years
|
| Pricing date: | May 24
|
| Settlement date: | June 21
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class A-1 notes
|
| Amount: | $290 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 102 bps
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $35 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 130 bps
|
| Ratings: | S&P: Non-rated
|
| Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $47.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 158 bps
|
| Ratings: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $36 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 180 bps
|
| Ratings: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $31 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 270 bps
|
| Ratings: | S&P: BBB-
|
|
|
| Class E notes
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| Amount: | $17.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 520 bps
|
| Ratings: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $55.75 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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