Ares European CLO VII to discuss refinancings with subordinated holders

By Tali Rackner

Minneapolis, May 4 – Ares European CLO VII BV said it intends to hold discussions with its subordinated noteholders regarding the refinancing of seven classes of rated notes and some subordinated notes due 2028, according to a filing with the London Stock Exchange.

The following are affected:

• €207.4 million of class A-1 senior secured floating-rate notes in the forms of CM non-voting exchangeable notes and CM non-voting notes;

• €23.3 million of class A-2A senior secured floating-rate notes in the forms of CM voting notes, CM non-voting exchangeable notes and CM non-voting notes;

• €11.3 million of class A-2B senior secured fixed-rate notes in the forms of CM voting notes, CM non-voting exchangeable notes and CM non-voting notes;

• €20.4 million of class B senior secured deferrable floating-rate notes in the forms of CM voting notes, CM non-voting exchangeable notes and CM non-voting notes;

• €14.2 million of class C senior secured deferrable floating-rate notes in the forms of CM voting notes, CM non-voting exchangeable notes and CM non-voting notes;

• €28.3 million of class D senior secured deferrable floating-rate notes in the forms of CM voting notes, CM non-voting exchangeable notes and CM non-voting notes;

• €11.3 million of class E senior secured deferrable floating-rate notes in the forms of CM voting notes, CM non-voting exchangeable notes and CM non-voting notes; and

• €35.65 million of subordinated notes.

Ares will also discuss making certain amendments to the subordinated notes that include:

• Issuing new classes of senior and mezzanine rated notes that will be senior to the subordinated notes;

• Extending the non-call period, the reinvestment period and the maturity date applicable to the new rated and subordinated notes;

• Procuring that the new rated notes are rated by Moody's and S&P (or an affiliate); the rated notes being rated by Moody's and Fitch Ratings; and

• Changing the portfolio profile tests to align them with the more recent criteria of Moody's and the current criteria of S&P and the portfolio.

Los Angeles-based Ares Management manages the CLO.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.