By Cristal Cody
Eureka Springs, Ark., Sept. 20 – Ares Management LP refinanced $507.25 million of notes due Jan. 17, 2024 in a vintage 2012 collateralized loan obligation offering, according to details from a market source.
Ares XXV CLO Ltd./Ares XXV CLO LLC priced $339.5 million of class A-R senior floating-rate notes at Libor plus 122 basis points, $68.75 million of class B-R senior floating-rate notes at Libor plus 175 bps, $45.25 million of class C-R mezzanine deferrable floating-rate notes at Libor plus 250 bps, $29 million of class D-R mezzanine deferrable floating-rate notes at Libor plus 390 bps and $24.75 million of class E-R mezzanine deferrable floating-rate notes at Libor plus 700 bps.
Nomura Securities International, Inc. arranged the refinancing.
Ares CLO Management XXV, LP will continue to manage the CLO.
In the original deal, $339.5 million of class A notes priced at Libor plus 139 bps, $45 million of class B-1 notes priced at Libor plus 225 bps and $23.75 million of class B-2 notes priced with a 3.3815% coupon. The $45.25 million of class C notes originally priced at Libor plus 315 bps, $29 million of class D notes priced at Libor plus 465 bps and $24.75 million of class E notes priced at Libor plus 575 bps.
Proceeds from the transaction were used to redeem the original notes.
Ares Management has priced two new CLO deals and refinanced two vintage CLOs year to date.
The Los Angeles-based alternative asset management firm priced five CLOs and refinanced one vintage CLO in 2015.
| Issuer: | Ares XXV CLO Ltd./Ares XXV CLO LLC
|
| Amount: | $507.25 million refinancing
|
| Maturity: | Jan. 17, 2024
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Nomura Securities International, Inc.
|
| Manager: | Ares CLO Management XXV, LP
|
| Pricing date: | Aug. 30
|
| Settlement date: | Sept. 8
|
|
|
| Class A-R notes
|
| Amount: | $339.5 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 122 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | $68.75 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
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| Amount: | $45.25 million
|
| Securities: | Mezzanine deferrable floating-rate notes
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| Coupon: | Libor plus 250 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
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| Amount: | $29 million
|
| Securities: | Mezzanine deferrable floating-rate notes
|
| Coupon: | Libor plus 390 bps
|
| Rating: | S&P: BBB
|
|
|
| Class E-R notes
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| Amount: | $24.75 million
|
| Securities: | Mezzanine deferrable floating-rate notes
|
| Coupon: | Libor plus 700 bps
|
| Rating: | S&P: BB
|
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