By Angela McDaniels
Tacoma, Wash., Aug. 13 – Ares Management LP indirect subsidiary Ares Finance Co. II LLC priced $325 million of 5.25% senior notes (/BBB+/BBB+) due 2025, according to a company news release.
The issue was upsized from $300 million.
Proceeds will be used to fund the merger of Ares Management and Kayne Anderson Capital Advisors LP into a combined company to be renamed Ares Kayne Management, LP.
If the merger does not close by June 30, 2016 or if the merger agreement is terminated prior to that date, Ares will be required to redeem all of the notes at 101.
The notes will be guaranteed by Ares Management’s subsidiaries in the Ares operating group, Ares Management LLC, Ares Investments Holdings LLC and Ares Finance Co. LLC. The notes will not be guaranteed by Ares Management or its direct subsidiaries.
The notes were sold via Rule 144A and Regulation S.
Ares Management is an alternative asset management firm is based in Los Angeles.
| Issuer: | Ares Finance Co. II LLC
|
| Guarantors: | Ares Management LLC, Ares Investments Holdings LLC and Ares Finance Co. LLC
|
| Amount: | $325 million
|
| Maturity: | 2025
|
| Coupon: | 5.25%
|
| Price: | Par
|
| Yield: | 5.25%
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| Pricing date: | Aug. 13
|
| Ratings: | Standard & Poor’s: BBB+
|
| Fitch: BBB+
|
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