By Cristal Cody
Tupelo, Miss., July 13 – Ares Management LLC priced $511.6 million of notes due July 22, 2030 in the Ares XLIX CLO Ltd./Ares XLIX CLO LLC transaction, according to a market source.
The deal includes $290 million of class A-1 floating-rate notes (/AAA/AAA) at Libor plus 107 basis points; $35 million of class A-2 floating-rate notes (//AAA) at Libor plus 140 bps; $55 million of class B floating-rate notes (/AA/) at Libor plus 165 bps; $31 million of class C deferrable floating-rate notes (/A/) at Libor plus 195 bps; $29 million of class D deferrable floating-rate notes (/BBB-/) at Libor plus 300 bps; $20 of class E deferrable floating-rate notes (/BB-/) at Libor plus 570 bps and $51.6 million of subordinated notes.
Natixis Securities Americas LLC is the placement agent.
Ares CLO Management LLC will be the CLO manager.
The CLO has a two-year non-call period and a five-year reinvestment period.
The deal is backed primarily by broadly syndicated senior secured corporate loans.
The offering is expected to close Aug. 7.
Ares Management has priced three new CLOs year to date.
The alternative asset management firm is based in Los Angeles.
| Issuer: | Ares XLIX CLO Ltd./Ares XLIX CLO LLC
|
| Amount: | $511.6 million
|
| Maturity: | July 22, 2030
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Natixis Securities Americas LLC
|
| Manager: | Ares CLO Management LLC
|
| Call feature: | Two years
|
| Pricing date: | July 6
|
| Settlement date: | Aug. 7
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class A-1 notes
|
| Amount: | $290 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 107 bps
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $35 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 140 bps
|
| Ratings: | S&P: Non-rated
|
| Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $55 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $31 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 195 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $29 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 300 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $20 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 570 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $51.6 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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