Chicago, June 29 – Ares CLO Management LLC sold $394.9 million in a collateralized loan obligation being issued by Ares Loan Funding III, Ltd., according to a new issue report and a press release.
The notes will mature on July 25, 2035.
The CLO consists of $240 million of class A-1 senior floating-rate notes at SOFR plus 183 basis points, $20 million of class A-2 senior floating-rate notes at SOFR plus 200 bps, $36 million of class B senior floating-rate notes at SOFR plus 240 bps, $18.7 million of class C-1 mezzanine deferrable floating-rate notes at SOFR plus 320 bps, $4.9 million of class C-2 mezzanine deferrable floating-rate notes at SOFR plus 392 bps, $25.4 million of class D mezzanine deferrable floating-rate notes at SOFR plus 425 bps, $13.8 million of class E mezzanine deferrable floating-rate notes at SOFR plus 758 bps and $36.1 million of subordinated notes.
Ares CLO Management LLC will manage the collateral through the end of the 5.1-year reinvestment period.
Collateral for the notes consists of first-lien senior secured leveraged loans.
J.P. Morgan Securities LLC was the placement agent.
The alternative asset management firm is based in Los Angeles.
Issuer: | Ares Loan Funding III, Ltd.
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Issue: | Floating-rate notes and subordinated notes
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Amount: | $394.9 million
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Maturity: | July 25, 2035
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Structure: | Cash flow CLO
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Placement agent: | J.P. Morgan Securities LLC
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Manager: | Ares CLO Management LLC
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Settlement date: | June 24
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Class A-1 notes
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Amount: | $240 million
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Securities: | Senior floating-rate notes
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Coupon: | SOFR plus 183 bps
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Rating: | Moody's: Aaa
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| Fitch: AAA
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Class A-2 notes
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Amount: | $20 million
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Securities: | Senior floating-rate notes
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Coupon: | SOFR plus 200 bps
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Rating: | Moody's: Aaa
|
|
Class B notes
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Amount: | $36 million
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Securities: | Senior floating-rate notes
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Coupon: | SOFR plus 240 bps
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Rating: | Moody's: Aa2
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Class C-1 notes
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Amount: | $18.7 million
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Securities: | Mezzanine deferrable floating-rate notes
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Coupon: | SOFR plus 320 bps
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Rating: | Fitch: A+
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Class C-2 notes
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Amount: | $4.9 million
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Securities: | Mezzanine deferrable floating-rate notes
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Coupon: | SOFR plus 392 bps
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Rating: | Fitch: A
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Class D notes
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Amount: | $25.4 million
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Securities: | Mezzanine deferrable floating-rate notes
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Coupon: | SOFR plus 425 bps
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Rating: | Fitch: BBB-
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Class E notes
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Amount: | $13.8 million
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Securities: | Mezzanine deferrable floating-rate notes
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Coupon: | SOFR plus 758 bps
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Rating: | Moody's: Ba3
|
|
Subordinated notes
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Amount: | $36.1 million
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Securities: | Subordinated notes
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