By Cristal Cody
Tupelo, Miss., July 31 – Ares CLO Management LLC priced $390 million of class A-R senior floating-rate notes from Ares XLI CLO Ltd./Ares XLI CLO LLC at Libor plus 120 basis points, according to a market source and a notice of changed pages to proposed first supplemental indenture on Tuesday.
The notes are due Jan. 15, 2029.
BNP Paribas Securities Corp. was the refinancing placement agent.
Ares CLO Management, a subsidiary of Ares Management LLC, will continue to manage the CLO.
The repriced notes have a one-year non-call period and a 2.5-year reinvestment period.
The CLO originally was issued Dec. 21, 2016. In that offering, Ares CLO Management had priced $390 million of class A notes at Libor plus 141 bps.
Proceeds will be used to redeem the outstanding class A notes.
The CLO is backed primarily by senior secured corporate loans.
Ares Management is an alternative asset management firm based in Los Angeles.
Issuer: | Ares XLI CLO Ltd./Ares XLI CLO LLC
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Amount: | $390 million refinancing
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Maturity: | Jan. 15, 2029
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Securities: | Senior floating-rate notes
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Structure: | Cash flow CLO
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Refinancing agent: | BNP Paribas Securities Corp.
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Manager: | Ares CLO Management LLC
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Coupon: | Libor plus 120 bps
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Call feature: | July 2020
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Pricing date: | July 26
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Settlement date: | Aug. 6
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Ratings: | Moody’s: Aaa expected
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| Fitch: AAA expected
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Distribution: | Rule 144A and Regulation S
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