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Ares Euro CLO I fails to get approval, will not redeem notes on May 15
By Tali Rackner
Norfolk, Va., April 6 – Ares Euro CLO I BV did not obtain approval from holders of its class G subordinated notes on a proposal that would direct the issuer to fully redeem each class of its notes due 2024, according to a notice.
The notes will not be redeemed on the May 15 payment date.
As previously reported, the subordinated noteholders, including holders of €24.5 million of class G-1 subordinated notes and €5 million of class G-2 subordinated notes, had until April 4 to approve the written resolution.
The proposal needed to be approved by holders of a majority of the subordinated notes in order for passage.
In addition to the subordinated notes, the redemption request included 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;
• €6 million of class F senior secured deferrable floating-rate notes; and
• €8 million of class Q combination notes.
The Bank of New York Mellon Trust Co., NA is the trustee.
Ares Management Ltd. is the investment manager.
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