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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.
During Tuesdays session, $95 million of investment-grade issues and $114.5 million of non-high-grade securities were traded.
Ares markets CLO
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.
Ares Management priced two new CLO deals and refinanced two vintage CLOs in 2016.
The alternative asset management firm is based in Los Angeles.
Carlyle Euro CLO to refinance
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.
The CLO will sell 236 million of class A-1-R floating-rate notes (/AAA); 56 million of class A-2-R floating-rate notes (/AA); 24 million of class B-R floating-rate notes (/A); 23 million of class C-R floating-rate notes; 20 million of class D-R floating-rate notes; 10 million of class E-R floating-rate notes and an additional 4.2 million of subordinated notes as equity.
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.
CELF Advisors priced two new CLOs and refinanced two vintage CLO transactions in 2016.
The London-based CLO manager is part of Washington, D.C.-based Carlyle Group LP.
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