By Cristal Cody
Tupelo, Miss., June 10 – Ares Management Corp. subsidiary Ares Finance Co. II LLC priced an upsized $400 million of 3.25% 10-year guaranteed senior notes (BBB+/BBB+) on Wednesday at a Treasuries plus 250 basis points spread, according to a market source and a news release.
Initial price talk was in the high 200 bps over Treasuries area.
The Rule 144A and Regulation S offering was upsized from $350 million.
BofA Securities, Inc. and Citigroup Global Markets Inc. were the bookrunners.
The notes will be guaranteed by Ares Holdings LP, Ares Investments LP, Ares Management LLC, Ares Investments Holdings LLC, Ares Finance Co. LLC and Ares Offshore Holdings LP.
Proceeds will be used for general corporate purposes, including repayment, repurchase, redemption or exchange of debt securities.
Ares is a Los Angeles-based investment management company.
| Issuer: | Ares Finance Co. II LLC
|
| Guarantors: | Ares Holdings LP, Ares Investments LP, Ares Management LLC, Ares Investments Holdings LLC, Ares Finance Co. LLC and Ares Offshore Holdings LP
|
| Amount: | $400 million
|
| Description: | Senior notes
|
| Maturity: | June 15, 2030
|
| Bookrunners: | BofA Securities, Inc. and Citigroup Global Markets Inc.
|
| Coupon: | 3.25%
|
| Spread: | Treasuries plus 250 bps
|
| Trade date: | June 10
|
| Ratings: | S&P: BBB+
|
| Fitch: BBB+
|
| Distribution: | Rule 144A and Regulation S
|
| Price guidance: | Treasuries plus high 200 bps area
|
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