Chicago, Sept. 29 – Ares U.S. CLO Management III LLC sold $508.75 million in a collateralized loan obligation being issued by Ares LXI CLO Ltd./Ares LXI CLO LLC, according to a pre-sale report.
The notes will mature on Oct. 20, 2034.
The CLO consists of $312.5 million of class A senior secured floating-rate notes at Libor plus 115 basis points, $67.5 million of class B senior secured floating-rate notes at Libor plus 165 bps, $30 million of class C senior secured deferrable floating-rate notes at Libor plus 200 bps, $30 million of class D senior secured deferrable floating-rate notes at Libor plus 310 bps, $18.75 million of class E senior secured deferrable floating-rate notes at Libor plus 625 bps and $50 million of subordinated notes.
Ares U.S. CLO Management III LLC will manage the collateral through the end of the reinvestment period on Oct. 20, 2026.
Collateral backing consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting Sept. 30, 2023.
Nomura Securities International Inc. was the placement agent.
The alternative asset management firm is based in Los Angeles and is a subsidiary of Ares Management LP.
| Issuers: | Ares LXI CLO Ltd./Ares LXI CLO LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $508.75 million
|
| Maturity: | Oct. 20, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | Nomura Securities International Inc.
|
| Manager: | Ares U.S. CLO Management III LLC
|
| Call feature: | Sept. 30, 2023
|
| Settlement date: | Sept. 30
|
|
|
| Class A notes
|
| Amount: | $312.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 115 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $67.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 310 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $18.75 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 625 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $50 million
|
| Securities: | Subordinated notes
|
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