Chicago, April 18 – Ares CLO Management LLC refinanced and extended for $509.35 million the collateralized loan obligation issued by Ares LXI CLO Ltd./Ares LXI CLO LLC, according to a presale report.
The notes will mature on April 20, 2037.
The refinanced CLO consists of $2 million of class X-R senior secured floating-rate notes at SOFR plus 110 basis points, $307.5 million of class A-1-R senior secured floating-rate notes at SOFR plus 153 bps, $19.9 million of class A-2-R senior secured floating-rate notes at SOFR plus 173 bps, $49.6 million of class B-R senior secured floating-rate notes at SOFR plus 210 bps, $29.8 million of class C-R senior secured deferrable floating-rate notes at SOFR plus 260 bps, $29.8 million of class D-R senior secured deferrable floating-rate notes at SOFR plus 390 bps, $17.85 million of class E-R senior secured deferrable floating-rate notes at SOFR plus 684 bps, $2.9 million of class F-R senior secured deferrable floating-rate notes at SOFR plus 800 bps and $50 million of subordinated notes.
Ares CLO Management LLC will manage the collateral through the end of the reinvestment period on April 20, 2029.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting April 20, 2026.
Nomura Securities International Inc. was the placement agent.
The original CLO had $312.5 million of class A senior secured floating-rate notes at Libor plus 115 bps, $67.5 million of class B senior secured floating-rate notes at Libor plus 165 bps, $30 million of class C senior secured deferrable floating-rate notes at Libor plus 200 bps, $30 million of class D senior secured deferrable floating-rate notes at Libor plus 310 bps, $18.75 million of class E senior secured deferrable floating-rate notes at Libor plus 625 bps and $50 million of subordinated notes.
The alternative asset management firm is based in Los Angeles and is a subsidiary of Ares Management LP.
| Issuer: | Ares LXI CLO Ltd./Ares LXI CLO LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $509.35 million
|
| Maturity: | April 20, 2037
|
| Structure: | Cash flow CLO
|
| Placement agent: | Nomura Securities International Inc.
|
| Manager: | Ares CLO Management LLC
|
| Call feature: | April 20, 2026
|
| Pricing date: | April 11
|
| Settlement date: | April 15
|
|
|
| Class X-R notes
|
| Amount: | $2 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 110 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1-R notes
|
| Amount: | $307.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 153 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2-R notes
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| Amount: | $19.9 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 173 bps
|
|
|
| Class B-R notes
|
| Amount: | $49.6 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 210 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $29.8 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 260 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $29.8 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 390 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R notes
|
| Amount: | $17.85 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 684 bps
|
| Rating: | S&P: BB-
|
|
|
| Class F-R notes
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| Amount: | $2.9 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 800 bps
|
|
|
| Subordinated notes
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| Amount: | $50 million
|
| Securities: | Subordinated notes
|
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