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S&P gives Ares Finance Co. IV notes BBB+
S&P said it assigned its BBB+ debt rating to the planned issuance of senior unsecured notes due 2052 by Ares Finance Co. IV LLC, an indirect subsidiary of Ares Management Corp., rated BBB+.
The notes will be guaranteed by Ares Holdings LP, Ares Investments Holdings LLC, Ares Management LLC, Ares Finance Co. LLC, Ares Finance Co. II LLC and Ares Finance Co. III LLC.
The size of the offering with be determined by market conditions, but S&P said for its analysis it assumed Ares with sell $400 million of notes.
Ares is expected to use the proceeds for general corporate purposes, including debt repayment and to fund growth initiatives, such as its recently announced acquisition of AMP's PrivateMarketsCo infrastructure debt platform. The deal had a total consideration of $308 million, which Ares plans to fund with cash and its revolver.
The outlook is stable.
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