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