Chicago, Jan. 21 – Ares CLO Management LLC refinanced and extended for $545.5 million the collateralized loan obligation issued by Ares XXVII CLO Ltd., according to a pre-sale report.
The notes will mature on Oct. 28, 2034.
The CLO now consists of $5 million of class X-R2 senior secured floating-rate notes at Libor plus 95 basis points, $320 million of class A-R2 senior secured floating-rate notes at Libor plus 117 bps, $55 million of class B-R2 senior secured floating-rate notes at Libor plus 165 bps, $25.5 million of class C-R2 mezzanine deferrable floating-rate notes at Libor plus 200 bps, $33 million of class D-R2 mezzanine deferrable floating-rate notes at Libor plus 325 bps, $26.5 million of class E-R2 mezzanine deferrable floating-rate notes at Libor plus 675 bps and $80.5 million of subordinated notes.
At the last refinancing, the CLO sold $4.5 million of class X-R senior floating-rate notes at Libor plus 90 bps; $229.1 million of class A-R-1 senior floating-rate notes at Libor plus 119 bps; $35.55 million of class A-R-2 senior floating-rate notes at Libor plus 137.5 bps; $27.65 million of class B-R senior floating-rate notes at Libor plus 170 bps; $25,675,000 of class C-R mezzanine deferrable floating-rate notes at Libor plus 240 bps; $21,725,000 of class D-R mezzanine deferrable floating-rate notes at Libor plus 375 bps; $23.7 million of class E-R mezzanine deferrable floating-rate notes at Libor plus 650 bps and $49.1 million of subordinated notes.
The original $412.8 million transaction that was issued on July 26, 2013 had $99 million of class A-1 senior floating-rate notes at Libor plus 125 bps; $150 million of class A-2 senior floating-rate notes at Libor plus 100 bps for the first 18 months, 150 bps for the following 12 months and 175 bps thereafter; $46 million of class B senior floating-rate notes at Libor plus 180 bps; $34 million of class C mezzanine deferrable floating-rate notes at Libor plus 275 bps; $22 million of class D mezzanine deferrable floating-rate notes at Libor plus 375 bps; $17.8 million of class E mezzanine deferrable floating-rate notes at Libor plus 485 bps and $44 million of subordinated notes.
Ares CLO Management LLC will manage the collateral through the end of the five-year reinvestment period.
Collateral is a portfolio of broadly syndicated senior secured term loans.
BofA Securities, Inc. and Merrill Lynch, Pierce, Fenner & Smith Inc. was the placement agent.
The alternative asset management firm is based in Los Angeles.
| Issuer: | Ares XXVII CLO Ltd.
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $545.5 million
|
| Maturity: | Oct. 28, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Securities, Inc. and Merrill Lynch, Pierce, Fenner & Smith Inc.
|
| Manager: | Ares CLO Management LLC
|
| Settlement date: | Oct. 20
|
|
|
| Class X-R2 notes
|
| Amount: | $5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 95 bps
|
| Rating: | Moody’s: Aaa
|
|
|
| Class A-R2 notes
|
| Amount: | $320 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 117 bps
|
| Rating: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B-R2 notes
|
| Amount: | $55 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C-R2 notes
|
| Amount: | $25.5 million
|
| Securities: | Mezzanine deferrable floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class D-R2 notes
|
| Amount: | $33 million
|
| Securities: | Mezzanine deferrable floating-rate notes
|
| Coupon: | Libor plus 325 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E-R2 notes
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| Amount: | $26.5 million
|
| Securities: | Mezzanine deferrable floating-rate notes
|
| Coupon: | Libor plus 675 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Subordinated notes
|
| Amount: | $80.5 million
|
| Securities: | Subordinated notes
|
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