Chicago, May 17 – Ares U.S. CLO Management III LLC sold $511 million of notes in a new CLO with Ares LX CLO Ltd./Ares LX CLO LLC listed as co-issuers, according to a notice.
The maturity date is July 18, 2034.
The portfolio includes $317.5 million of class A senior secured floating-rate notes at Libor plus 112 basis points, $62.5 million of class B senior secured floating-rate notes at Libor plus 165 bps, $27.5 million of class C mezzanine deferrable floating-rate notes at Libor plus 195 bps, $30 million of class D mezzanine deferrable floating-rate notes at Libor plus 295 bps and $22.5 million of class E mezzanine deferrable floating-rate notes at Libor plus 625 bps,
There are also $51 million of subordinated notes.
Goldman Sachs & Co. LLC is the underwriter.
Ares U.S. CLO Management will select the collateral during the five-year reinvestment period.
The notes come with two years of call protection.
The alternative asset management firm is based in Los Angeles and is a subsidiary of Ares Management LP.
| Issuers: | Ares LX CLO Ltd./Ares LX CLO LLC
|
| Issue: | Floating-rate and subordinated notes
|
| Amount: | $511 million
|
| Maturity: | July 18, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | Goldman Sachs & Co. LLC
|
| Manager: | Ares U.S. CLO Management III LLC
|
| Call: | July 2023
|
| Settlement date: | June 22
|
|
|
| Class A notes
|
| Amount: | $317.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 112 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class B notes
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| Amount: | $62.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
|
|
| Class C notes
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| Amount: | $27.5 million
|
| Securities: | Mezzanine deferrable floating-rate notes
|
| Coupon: | Libor plus 195 bps
|
|
|
| Class D notes
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| Amount: | $30 million
|
| Securities: | Mezzanine deferrable floating-rate notes
|
| Coupon: | Libor plus 295 bps
|
|
|
| Class E notes
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| Amount: | $22.5 million
|
| Securities: | Mezzanine deferrable floating-rate notes
|
| Coupon: | Libor plus 625 bps
|
| Rating: | Moody's: Ba3
|
|
|
| Subordinated notes
|
| Amount: | $51 million
|
| Securities: | Subordinated notes
|
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