Ares Euro CLO I asks subordinated holders to vote on call proposal

By Wendy Van Sickle

Columbus, Ohio, March 23 – Ares Euro CLO I BV asked the holders of its class G subordinated notes to vote by written resolution on a proposal that would direct the issuer to fully redeem each class of its notes due 2024 on the May 15 payment date.

The subordinated noteholders, including holders of €24.5 million of class G-1 subordinated notes, €5 million of class G-2 subordinated notes and €8 million of class Q combination notes with respect to their class G-1 subordinated component, have until April 4 to approve the written resolution, according to a notice. The proposal must be approved by holders of a majority of the subordinated notes in order for passage.

In addition to the subordinated notes, the calls for the redemption of the following notes due 2024:

• €151.2 million of class A-1 senior secured floating-rate notes;

• €37.8 million of class A-2 senior secured floating-rate notes;

• €52 million of class A-3 senior secured floating-rate notes;

• €8 million of class B-1 senior secured deferrable floating-rate notes;

• €13 million of class B-2 senior secured deferrable fixed-rate notes;

• €19 million of class C senior secured deferrable floating-rate notes;

• €26 million of class D senior secured deferrable floating-rate notes;

• €13.5 million of class E senior secured deferrable floating-rate notes; and

• €6 million of class F senior secured deferrable floating-rate notes.

Ares Management Ltd. is the investment manager. Bank of New York Mellon Trust Co., NA is the trustee.

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