Chicago, April 27 – Ares Management LLC repriced $1.11 billion of notes from the Ares XLIV CLO Ltd./Ares XLIV CLO LLC transaction, according to a notice.
The portfolio is now due April 17, 2034, pushed back from Oct. 15, 2029.
The CLO now has $661.13 million of class A-1-R senior secured floating-rate notes at Libor plus 108 basis points, $26.88 million of class A-2-R senior secured floating-rate notes at Libor plus 130 bps, $60.55 million of class A-3-R1 senior secured floating-rate notes at Libor plus 165 bps and $64.15 million of class A-3-R2 3.2% senior secured fixed-rate notes.
Lower, there are $64.5 million of class B-R mezzanine deferrable floating-rate notes at Libor plus 200 bps, $58.05 million of class C-R mezzanine deferrable floating-rate notes at Libor plus 340 bps, $56.98 million of class D-R mezzanine deferrable floating-rate notes at Libor plus 687 bps and $113.27 million of subordinated notes.
There are also $88.3 million existing subordinated notes.
Ares CLO Management II LLC will manage the portfolio during the five-year reinvestment period.
Collateral comes mostly from senior secured loans and eligible investments.
The non-call period has been extended as part of the refinancing.
Ares is a Los Angeles-based alternative asset management firm.
| Issuer: | Ares XLIV CLO Ltd./Ares XLIV CLO LLC transaction
|
| Issue: | Floating-rate, fixed-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Amount: | $1,105,501,000
|
| Maturity: | April 17, 2034
|
| Agent: | Goldman Sachs & Co. LLC
|
| Manager: | Ares CLO Management II LLC
|
| Call: | April 2023
|
| Announcement date: | April 19
|
| Settlement date: | April 29
|
|
|
| Class A-1-R notes
|
| Amount: | $661.125 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 108 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-2-R notes
|
| Amount: | $26.875 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 130 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-3-R1 notes
|
| Amount: | $60.55 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
|
|
| Class A-3-R2 notes
|
| Amount: | $64.15 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 3.2%
|
|
|
| Class B-R notes
|
| Amount: | $64.5 million
|
| Securitie s: | Mezzanine deferrable floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
|
|
| Class C-R notes
|
| Amount: | $58.05 million
|
| Securities: | Mezzanine deferrable floating-rate notes
|
| Coupon: | Libor plus 340 bps
|
|
|
| Class D-R notes
|
| Amount: | $56.975 million
|
| Securities: | Mezzanine deferrable floating-rate notes
|
| Coupon: | Libor plus 687 bps
|
| Rating: | Moody's: Ba3
|
|
|
| Subordinated notes
|
| Amount: | $113.276 million
|
| Securities: | Subordinated notes
|
|
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