Chicago, Sept. 20 – Ares U.S. CLO Management III LLC-Series A priced $652.4 million in a collateralized loan obligation being issued by Ares LXX CLO Ltd./Ares LXX CLO LLC, according to a presale report.
The notes will mature on Oct. 25, 2035.
The CLO consists of $399.75 million of class A-1 senior secured floating-rate notes at SOFR plus 167.5 basis points, $22.75 million of class A-2 senior secured floating-rate notes at SOFR plus 205 bps, $71.5 million of class B senior secured floating-rate notes at SOFR plus 240 bps, $39 million of class C senior secured deferrable floating-rate notes at SOFR plus 290 bps, $39 million of class D senior secured deferrable floating-rate notes at SOFR plus 450 bps, $22.75 million of class E senior secured deferrable floating-rate notes at SOFR plus 735 bps, $650,000 of class F senior secured deferrable floating-rate notes at SOFR plus 825 bps and $57 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 Oct. 25, 2028.
Collateral for the notes consists of senior secured loans, cash and eligible investments.
The notes can be called starting Oct. 25, 2025.
Goldman Sachs and 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 LXX CLO Ltd./Ares LXX CLO LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $652.4 million
|
| Maturity: | Oct. 25, 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | Goldman Sachs and Co. LLC
|
| Manager: | Ares U.S. CLO Management III LLC-Series A
|
| Call feature: | Oct. 25, 2025
|
| Pricing date: | Sept. 15
|
| Settlement date: | Nov. 10
|
|
|
| Class A-1 notes
|
| Amount: | $399.75 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 167.5 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $22.75 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 205 bps
|
|
|
| Class B notes
|
| Amount: | $71.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 240 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $39 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 290 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $39 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 450 bps
|
|
|
| Class E notes
|
| Amount: | $22.75 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 735 bps
|
|
|
| Class F notes
|
| Amount: | $650,000
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 825 bps
|
| Rating: | S&P: B-
|
|
|
| Subordinated notes
|
| Amount: | $57 million
|
| Securities: | Subordinated notes
|
|
|
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