Ares CLO Management markets $507.05 million of notes in new seven-part Ares LI CLO

By Cristal Cody

Tupelo, Miss., Jan. 18 – Ares Management LLC intends to price $507.05 million of notes due April 15, 2031 in the new Ares LI CLO Ltd./Ares LI CLO LLC transaction, according to a market source and ratings reports from Moody’s Investors Service and S&P Global Ratings on Friday.

The deal includes $295 million of class A-1 senior secured floating-rate notes (Aaa/AAA); $30 million of class A-2 senior secured floating-rate notes (Aaa/non-rated); $47.25 million of class B senior floating-rate notes (non-rated/AA); $33 million of class C mezzanine deferrable floating-rate notes (non-rated/A); $28.75 million of class D mezzanine deferrable floating-rate notes (non-rated/BBB-); $22.25 of class E mezzanine deferrable floating-rate notes (Ba3/non-rated) and $50.8 million of subordinated notes.

BNP Paribas Securities Corp. 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 on March 7.

Ares Management is an alternative asset management firm based in Los Angeles.

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