Chicago, March 15 – Ares U.S. CLO Management III LLC-Series A sold $494.95 million in a collateralized loan obligation being issued by Ares LXVIII CLO Ltd./Ares LXVIII CLO LLC, according to a presale report.
The notes will mature on April 25, 2035.
The CLO consists of $307.5 million of class A-1 senior secured floating-rate notes at SOFR plus 175 basis points, $22.5 million of class A-2 senior secured floating-rate notes at SOFR plus 210 bps, $30 million of class B-1 senior secured floating-rate notes at SOFR plus 250 bps, $18.75 million of class B-2 6.6% senior secured fixed-rate notes, $26.25 million of class C senior secured deferrable floating-rate notes at SOFR plus 320 bps, $31.25 million of class D senior secured deferrable floating-rate notes at SOFR plus 525 bps, $17.5 million of class E senior secured deferrable floating-rate notes at SOFR plus 825 bps, $500,000 of class F senior secured deferrable floating-rate notes at SOFR plus 1,006 bps and $40.7 million of subordinated notes.
Ares U.S. CLO Management III LLC-Series A will manage the collateral through the end of the reinvestment period on April 25, 2028.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting April 25, 2025.
Goldman Sachs & Co. LLC was the placement agent.
The alternative asset management firm is based in Los Angeles and is a subsidiary of Ares Management LP.
| Issuer: | Ares LXVIII CLO Ltd./Ares LXVIII CLO LLC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $494.95 million
|
| Maturity: | April 25, 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | Goldman Sachs & Co. LLC
|
| Manager: | Ares U.S. CLO Management III LLC-Series A
|
| Call feature: | April 25, 2025
|
| Settlement date: | May 10
|
|
|
| Class A-1 notes
|
| Amount: | $307.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 175 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $22.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 210 bps
|
|
|
| Class B-1 notes
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| Amount: | $30 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 250 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-2 notes
|
| Amount: | $18.75 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 6.6%
|
| Rating: | S&P: AA
|
|
|
| Class C notes
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| Amount: | $26.25 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 320 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $31.25 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 525 bps
|
|
|
| Class E notes
|
| Amount: | $17.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 825 bps
|
| Rating: | S&P: B-
|
|
|
| Class F notes
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| Amount: | $500,000
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 1,006 bps
|
|
|
| Subordinated notes
|
| Amount: | $40.7 million
|
| Securities: | Subordinated notes
|
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