Ares Management markets $511.6 million of notes in new Ares XLIX CLO

By Cristal Cody

Tupelo, Miss., July 3 – Ares Management LLC plans to price $511.6 million of notes due July 22, 2030 in the Ares XLIX CLO Ltd./Ares XLIX CLO LLC transaction, according to a market source.

The deal includes $290 million of class A-1 floating-rate notes (AAA/AAA); $35 million of class A-2 floating-rate notes (//AAA); $55 million of class B floating-rate notes (AA); $31 million of class C floating-rate notes (A); $29 million of class D floating-rate notes (BBB-); $20 million of class E floating-rate notes (BB-) and $51.6 million of subordinated notes.

Natixis Securities Americas LLC is the placement agent.

Ares CLO Management LLC will be the CLO manager.

The CLO has a two-year non-call period and a five-year reinvestment period.

The deal is backed primarily by broadly syndicated senior secured corporate loans.

The offering is expected to close Aug. 7.

Ares Management has priced two new CLOs year to date.

The alternative asset management firm is based in Los Angeles.

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