By Cristal Cody
Tupelo, Miss., Oct. 15 – Ares Management LP subsidiary Ares CLO Management LLC priced $501 million of notes due Oct. 25, 2031 in a new collateralized loan obligation offering, according to market sources.
Ares LVI CLO Ltd./Ares LVI CLO LLC sold $300 million of class A-1 floating-rate notes at Libor plus 128 basis points, $20 million of class A-2 floating-rate notes at Libor plus 155 bps and $60 million of class B floating-rate notes at Libor plus 170 bps.
The CLO priced $30 million of class C deferrable floating-rate notes at Libor plus 240 bps, $25 million of class D-1 deferrable floating-rate notes at Libor plus 375 bps, $5 million of class D-2 deferrable floating-rate notes at Libor plus 500 bps, $15 million of class E deferrable floating-rate notes at Libor plus 758 bps and $46 million of subordinated notes.
Goldman Sachs & Co. LLC was the placement agent.
Ares CLO Management will manage the CLO.
The CLO has a one-year non-call period and a three-year reinvestment period.
The offering is backed primarily by broadly syndicated senior secured corporate loans.
Ares has priced two new dollar-denominated CLOs year to date.
The alternative asset management firm is based in Los Angeles.
| Issuer: | Ares LVI CLO Ltd./Ares LVI CLO LLC
|
| Amount: | $501 million
|
| Maturity: | Oct. 25, 2031
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Goldman Sachs & Co. LLC
|
| Manager: | Ares CLO Management LLC
|
| Call feature: | One year
|
| Pricing date: | Sept. 21
|
| Settlement date: | Nov. 2
|
|
|
| Class A-1 notes
|
| Amount: | $300 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 128 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $20 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 155 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $60 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Ratings: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $30 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 240 bps
|
| Ratings: | S&P: A
|
|
|
| Class D-1 notes
|
| Amount: | $25 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 375 bps
|
| Ratings: | S&P: BBB-
|
|
|
| Class D-2 notes
|
| Amount: | $5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 505 bps
|
| Ratings: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $15 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 758 bps
|
| Ratings: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $46 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
