By Cristal Cody
Eureka Springs, Ark., July 28 – Ares Management LP refinanced $141 million of notes due July 23, 2025 in a vintage 2008 collateralized loan obligation offering that was first refinanced in 2013, according to market sources.
Ares Enhanced Loan Investment Strategy IR Ltd. sold $87 million of class A-1B-R senior floating-rate notes at Libor plus 140 basis points.
The original class A-1B notes were a step-up tranche that priced at Libor plus 100 bps. The notes were reset at Libor plus 150 bps before the Jan. 23, 2015 payment date through the interest accrual period ending before the Jan. 23, 2016 payment date and thereafter stepped up to Libor plus 175 bps.
The CLO refinanced $20 million of class A-2B-R senior floating-rate notes at Libor plus 205 bps.
Ares originally priced the class A-2B notes with a 4.31% fixed rate.
The final $34 million refinanced tranche of class B-R mezzanine deferrable floating-rate notes priced at Libor plus 295 bps.
The original class B notes priced at Libor plus 305 bps.
Ares Enhanced Loan Management IR LP is the CLO manager.
Proceeds will be used to redeem the original class A-1B, A-2B and B notes. The remaining tranches in the Ares CLO were not refinanced.
Ares Management has priced one new CLO deal and refinanced one vintage offering year to date.
The Los Angeles-based alternative asset management firm priced five CLOs and refinanced one vintage CLO in 2015.
| Issuer: | Ares Enhanced Loan Investment Strategy IR Ltd.
|
| Amount: | $141 million
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| Maturity: | July 23, 2025
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| Securities: | Floating-rate notes
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| Structure: | Cash flow CLO
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| Manager: | Ares Enhanced Loan Management IR LP
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| Settlement date: | July 29
|
|
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| Class A-1B-R notes
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| Amount: | $87 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 140 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2B-R notes
|
| Amount: | $20 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 205 bps
|
| Rating: | S&P: AA
|
|
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| Class B-R notes
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| Amount: | $34 million
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| Securities: | Mezzanine deferrable floating-rate notes
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| Coupon: | Libor plus 295 bps
|
| Rating: | S&P: A
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