By Cristal Cody
Tupelo, Miss., Sept. 18 – Ares Management LLC sold $406.43 million of notes due Oct. 15, 2025 in a new collateralized loan obligation offering, according to a market source.
Ares XXXV CLO, Ltd./Ares XXXV CLO, LLC priced $271 million of class A senior secured floating-rate notes at Libor plus 132 basis points; $39.75 million of class B senior secured floating-rate notes at Libor plus 215 bps; $20 million of class C secured deferrable floating-rate notes at Libor plus 285 bps; $18 million of class D secured deferrable floating-rate notes at Libor plus 345 bps; $19.75 million of class E secured deferrable floating-rate notes at Libor plus 585 bps and $37.93 million of subordinated notes.
Deutsche Bank Securities Inc. arranged the deal.
Ares CLO Management LLC, an affiliate of Ares Management, will manage the CLO.
The deal has a two-year non-call period.
The CLO is backed primarily by broadly syndicated first-lien senior secured corporate loans and eligible investments.
Ares Management has priced three new CLOs and refinanced a vintage CLO year to date.
The Los Angeles-based alternative asset management firm brought to market three CLO deals in 2014.
| Issuer: | Ares XXXV CLO, Ltd./Ares XXXV CLO, LLC
|
| Amount: | $406.43 million
|
| Maturity: | Oct. 15, 2025
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Deutsche Bank Securities Inc.
|
| Manager: | Ares CLO Management LLC
|
| Call feature: | 2017
|
| Settlement date: | Sept. 29
|
|
|
| Class A notes
|
| Amount: | $271 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 132 bps
|
| Rating: | Moody’s: Aaa
|
|
|
| Class B notes
|
| Amount: | $39.75 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 215 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C notes
|
| Amount: | $20 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 285 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class D notes
|
| Amount: | $18 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 345 bps
|
| Rating: | Moody’s: Baa2
|
|
|
| Class E notes
|
| Amount: | $19.75 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 585 bps
|
| Rating: | Moody’s: Ba2
|
|
|
| Equity
|
| Amount: | $37.93 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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