By Cristal Cody
Tupelo, Miss., July 17 – Ares Management LLC priced $1.1 billion of notes due July 15, 2029 in the new Ares XLIV CLO Ltd./Ares XLIV CLO LLC transaction on Monday, according to a market source and a company news release.
The CLO primarily consisted of broadly syndicated first-lien senior secured U.S. bank loans, Ares said.
The Rule 144A and Regulation S deal was expected to include $567.5 million of class A-1 senior floating-rate notes (Aaa/AAA); $92.5 million of class A-2 senior floating-rate notes (Aaa); $95 million of class A-3 senior floating-rate notes (Aa2); $55 million of class B senior floating-rate notes (A2); $60 million of class C mezzanine deferrable floating-rate notes (Baa3); $50 of class D mezzanine deferrable floating-rate notes (Ba3); $6 million of class E mezzanine deferrable floating-rate notes (B3) and $82 million of subordinated notes.
Final pricing details were not available by press time.
Goldman Sachs & Co. LLC was the underwriter.
Ares CLO Management II LLC is the CLO manager.
The CLO has a two-year non-call period and a five-year reinvestment period.
Ares Management said the deal is the second largest CLO in the firm’s history and the second largest broadly syndicated CLO transaction year to date.
The notes are backed primarily by broadly syndicated senior secured corporate loans.
Ares Management has priced three new CLOs and refinanced three vintage CLOs year to date.
The Los Angeles-based alternative asset management firm priced two new CLOs and refinanced two vintage CLOs in 2016.
| Issuer: | Ares XLIV CLO Ltd./Ares XLIV CLO LLC
|
| Amount: | $1.1 billion
|
| Maturity: | July 15, 2029
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Goldman Sachs & Co. LLC
|
| Manager: | Ares CLO Management II LLC
|
| Call feature: | Two years
|
| Pricing date: | July 17
|
| Settlement date: | Aug. 17
|
| Distribution: | Rule 144A, Regulation S
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
