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Published on 3/22/2022 in the Prospect News CLO Daily.

New Issue: Ares Management sells $504.1 million Ares LXIII CLO

Chicago, March 22 – Ares CLO Management LLC sold $504.1 million in a collateralized loan obligation being issued by Ares LXIII CLO Ltd./Ares LXIII CLO LLC, according to a pre-sale report.

The notes will mature on April 20, 2035.

The CLO consists of $292.5 million of class A-1A senior secured floating-rate notes at SOFR plus 138 basis points, $15 million of class A-1B 3.12% senior secured fixed-rate notes, $17.5 million of class A-2 senior secured floating-rate notes at SOFR plus 170 bps, $35 million of class B-1 senior secured floating-rate notes at SOFR plus 195 bps, $20 million of class B-2 3.72% senior secured fixed-rate notes, $30 million of class C senior secured deferrable floating-rate notes at SOFR plus 240 bps, $30 million of class D senior secured deferrable floating-rate notes at SOFR plus 350 bps, $20 million of class E senior secured deferrable floating-rate notes at SOFR plus 725 bps and $44.1 million of subordinated notes.

Ares CLO Management LLC will manage the collateral through the end of the reinvestment period on April 20, 2027.

Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.

The notes can be called starting April 20, 2024.

SG Americas Securities was the placement agent.

The alternative asset management firm is based in Los Angeles and is a subsidiary of Ares Management Corp.

Issuer:Ares LXIII CLO Ltd./Ares LXIII CLO LLC
Amount:$504.1 million
Issue:Floating-rate notes, fixed-rate notes and subordinated notes
Maturity:April 20, 2035
Structure:Cash flow CLO
Placement agent:SG Americas Securities
Manager:Ares CLO Management LLC
Call feature:April 20, 2024
Settlement date:April 21
Class A-1A notes
Amount:$292.5 million
Securities:Senior secured floating-rate notes
Coupon:SOFR plus 138 bps
Class A-1B notes
Amount:$15 million
Securities:Senior secured fixed-rate notes
Coupon:3.12%
Class A-2 notes
Amount:$17.5 million
Securities:Senior secured floating-rate notes
Coupon:SOFR plus 170 bps
Class B-1 notes
Amount:$35 million
Securities:Senior secured floating-rate notes
Coupon:SOFR plus 195 bps
Rating:S&P: AA
Class B-2 notes
Amount:$20 million
Securities:Senior secured fixed-rate notes
Coupon:3.72%
Rating:S&P: AA
Class C notes
Amount:$30 million
Securities:Senior secured deferrable floating-rate notes
Coupon:SOFR plus 240 bps
Rating:S&P: A
Class D notes
Amount:$30 million
Securities:Senior secured deferrable floating-rate notes
Coupon:SOFR plus 350 bps
Rating:S&P: BBB-
Class E notes
Amount:$20 million
Securities:Senior secured deferrable floating-rate notes
Coupon:SOFR plus 725 bps
Subordinated notes
Amount:$44.1 million
Securities:Subordinated notes

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