Chicago, Jan. 18 – Ares CLO Management LLC refinanced and extended for $412 million the collateralized loan obligation issued by Ares LVII CLO Ltd./Ares LVII CLO LLC, according to a pre-sale report.
The notes will mature on Jan. 25, 2035.
The CLO now consists of $4 million of class X-R senior secured floating-rate notes at Libor plus 100 basis points, $256 million of class A-R senior secured floating-rate notes at Libor plus 115 bps, $48 million of class B-R senior secured floating-rate notes at Libor plus 165 bps, $22 million of class C-R senior secured deferrable floating-rate notes at Libor plus 205 bps, $24 million of class D-R senior secured deferrable floating-rate notes at Libor plus 320 bps, $18 million of class E-R senior secured deferrable floating-rate notes at Libor plus 627 bps and $40 million of subordinated notes.
The original CLO had $4 million of class X floating-rate notes at Libor plus 75 bps, $256 million of class A floating-rate notes at Libor plus 132 bps and $48 million of class B floating-rate notes at Libor plus 175 bps.
The CLO also initially priced $24 million of class C deferrable floating-rate notes at Libor plus 250 bps, $24 million of class D deferrable floating-rate notes at Libor plus 435 bps, $13 million of class E deferrable floating-rate notes at Libor plus 623 bps and $40 million of subordinated notes.
Ares CLO Management LLC will manage the collateral through the end of the reinvestment period on Jan. 25, 2027.
Collateral will consist of a pool of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting Dec. 20, 2023.
J.P. Morgan Securities LLC was the placement agent.
The alternative asset management firm is based in Los Angeles.
| Issuer: | Ares LVII CLO Ltd./Ares LVII CLO LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $412 million
|
| Maturity: | Jan. 25, 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Manager: | Ares CLO Management LLC
|
| Call feature: | Dec. 20, 2023
|
| Settlement date: | Dec. 20
|
|
|
| Class X-R notes
|
| Amount: | $4 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 100 bps
|
| Rating: | S&P: NR
|
|
|
| Class A-R notes
|
| Amount: | $256 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 115 bps
|
| Rating: | S&P: NR
|
|
|
| Class B-R notes
|
| Amount: | $48 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $22 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 205 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 320 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R notes
|
| Amount: | $18 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 627 bps
|
| Rating: | S&P: NR
|
|
|
| Subordinated notes
|
| Amount: | $40 million
|
| Securities: | Subordinated notes
|
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