Ares joins CLO pipeline; CELF to refinance €373.2 million CLO 2013-1; secondary active

By Cristal Cody

Tupelo, Miss., Feb. 2 – Ares CLO Management LLC is expected to price a new $409.45 million CLO in the firm’ first deal of the year.

In refinancing action, CELF Advisors LLP plans to reset €373.2 million of notes in a 2013 CLO.

Looking at the secondary market, trading volume improved to $260.8 million of high-grade Trace reported CBO/CDO/CLO issues and $201.4 million of lower-rated securities on Wednesday.

In its deal, Ares Management LP subsidiary Ares CLO Management intends to price $409.45 million of notes due 2028 in the Ares XLII CLO Ltd./Ares XLII CLO LLC offering, according to a market source.

The deal includes $248 million of class A floating-rate notes (/AAA); $46.5 million of class B-1 floating-rate notes; $12 million of class B-2 fixed-rate notes; $21.5 million of class C deferrable floating-rate notes; $21.6 million of class D deferrable floating-rate notes; $18.4 million of class E deferrable floating-rate notes and $41.45 million of subordinated notes.

J.P. Morgan Securities LLC is the CLO placement agent.

Meanwhile, CELF Advisors plans to price €373.2 million of notes in a refinancing and reset of the Carlyle Global Market Strategies Euro CLO 2013-1 BV transaction, according to a market source.

As part of the reset, the maturity on the new notes will be extended to April 15, 2030 from the original Aug. 15, 2025 due date.

Credit Suisse Securities (Europe) Ltd. is the refinancing agent.

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