Ares closes on new €412 million CLO; Palmer Square Capital plans second refinancing

By Cristal Cody

Tupelo, Miss., Jan. 21 – In new CLO issuance, Ares European Loan Management LLP priced €412 million of notes in a deal that closed in January.

In the dollar-denominated market, Anchorage Capital Group, LLC plans to issue $405.8 million of notes in the Anchorage Credit Opportunities CLO 1, Ltd./Anchorage Credit Opportunities CLO 1, LLC deal set to close in February.

J.P. Morgan Securities, LLC is the placement agent.

Meanwhile, refinancing activity is continuing to increase as the year gets underway.

Palmer Square Capital Management LLC plans to price a second refinancing of a 2015 vintage CLO.

Palmer Square Capital Management intends to reprice the Palmer Square CLO 2015-2, Ltd./Palmer Square CLO 2015-2, LLC transaction in a second refinancing, according to a notice of proposed supplemental indenture.

In its deal, Ares European Loan Management priced €412 million of notes due July 20, 2032 in the new euro-denominated CLO deal, according to a market source.

Ares European CLO XIII BV sold €240 million of class A floating-rate notes at Euribor plus 98 basis points at the top of the capital stack.

Citigroup Global Markets Ltd. arranged the deal.

The CLO is backed mainly by broadly syndicated senior secured loans or senior secured bonds.

Ares European Loan Management is an asset management firm based in London.

© 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.