Ares prices $501 million CLO; PPM sells $354.1 million; Anchorage brings $304.4 million

By Cristal Cody

Tupelo, Miss., Oct. 15 – Broadly syndicated CLO new issuance continues to remain steady heading into the year’s end.

Ares Management LP subsidiary Ares CLO Management LLC priced $501 million of notes in the manager’s second new dollar-denominated CLO offering of the year.

PPM Loan Management Co., LLC sold $354.1 million of notes in its first new issue broadly syndicated CLO deal of 2020.

Looking at other securitized issuance, Anchorage Capital Group, LLC priced a $304.4 million CDO transaction that closed on Thursday.

In other activity, Elmwood Asset Management LLC closed Thursday on its previously reported $452.5 million broadly syndicated CLO transaction, Elmwood CLO VI Ltd.

Elmwood CLO VI priced $283.5 million of class A floating-rate notes at Libor plus 132 basis points in the AAA-rated tranche.

More than $60 billion of dollar-denominated broadly syndicated CLOs have priced year to date, according to market sources.

Ares issues Ares LVI CLO

Ares CLO Management priced $501 million of notes due Oct. 25, 2031 in the CLO 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 bps at the top of the capital structure.

Goldman Sachs & Co. LLC was the placement agent.

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.

PPM sells CLO 4

PPM Loan Management priced $354.1 million of notes due Oct. 16, 2031 in its CLO transaction, according to a market source.

PPM CLO 4, Ltd. sold $210 million of class A-1 floating-rate notes at Libor plus 142 bps in the senior tranche.

Credit Suisse Securities (USA) LLC was the placement agent.

The notes are collateralized primarily by broadly syndicated first-lien senior secured corporate loans.

PPM Loan Management has priced one new CLO and one refinancing transaction year to date.

The CLO manager is based in Chicago.

Anchorage prints CDO 12

Anchorage Capital Group priced $304.4 million of notes due Oct. 25, 2038 in the CDO transaction that closed on Thursday, according to a market source.

Anchorage Credit Funding 12, Ltd./Anchorage Credit Funding 12, LLC sold $114.8 million of 3.18% class A-1 senior secured fixed-rate notes at the top of the capital stack.

GreensLedge Capital Markets LLC and Natixis Securities Americas LLC were the placement agents.

The CDO is collateralized primarily by corporate bonds and loans.

Anchorage Capital is a New York-based global asset manager.

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