Chicago, June 11 – Ares Management LP subsidiary Ares CLO Management LLC refinanced the collateralized loan obligation originally issued in May 2017 by Ares XLIII CLO Ltd./Ares XLIII CLO LLC, according to a pre-sale report.
The CLO matures July 15, 2034.
The refinancing notes are the $500 million of class A-R senior secured floating-rate notes at Libor plus 116 basis points, $108 million of class B-R senior secured floating-rate notes at Libor plus 170 bps, $44 million of class C-R senior secured deferrable floating-rate notes at Libor plus 220 bps, $50 million of class D-R senior secured deferrable floating-rate notes at Libor plus 340 bps and $34 million of class E-R senior secured deferrable floating-rate notes at Libor plus 686 bps.
There are also $125.2 million of subordinated notes.
Ares CLO Management will select the collateral for the pool which will be primarily composed of senior secured loans, cash and eligible investments, with most borrowers based in the United States or Canada.
The reinvestment period ends July 15, 2026.
The notes can be called after two years.
BNP Paribas Securities Corp. is the initial purchaser.
The alternative asset management firm is based in Los Angeles.
| Issuer: | Ares CLO Management LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $861.2 million
|
| Maturity: | July 15, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | BNP Paribas Securities Corp.
|
| Manager: | Ares CLO Management LLC
|
| Call feature: | June 17, 2023
|
| Settlement date: | June 17
|
|
|
| Class A-R notes
|
| Amount: | $500 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 116 bps
|
| Rating: | Moody’s: Aaa
|
|
|
| Class B-R notes
|
| Amount: | $108 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $44 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 220 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $50 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 340 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R notes
|
| Amount: | $34 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 686 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Subordinated notes
|
| Amount: | $125.2 million
|
| Securities: | Subordinated notes
|
|
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