CLO primary active; 3i Debt Management offers $411 million CLO; Ares raises $432 million

By Cristal Cody

Tupelo, Miss., Nov. 10 – CLO issuance is expected to remain steady through the end of the year, according to market sources on Monday.

3i Debt Management U.S. LLC plans to price $411 million of notes due Jan. 17, 2027 in the Jamestown CLO V Ltd./Jamestown CLO V Corp. offering, a source said.

The deal includes $256 million of class A floating-rate notes (//AAA); $28 million of class B-1 floating-rate notes; $24 million of class B-2 fixed-rate notes; $19 million of class C floating-rate notes; $21 million of class D floating-rate notes; $20 million of class E floating-rate notes; $8 million of class F floating-rate notes and $35 million of subordinated notes.

BofA Merrill Lynch is the placement agent.

3i Debt Management will manage the CLO.

3i Debt Management, a subsidiary of London-based 3i Group plc, was last in the primary market in May with the $617.4 million Jamestown CLO IV Ltd./Jamestown CLO IV Corp. deal.

Details emerged for Ares Management LLC’s $432.01 million refinancing notes due April 19, 2023 in the Ares XXIII CLO Ltd./Ares XXIII CLO LLC transaction first brought in 2012, according to a market source.

BofA Merrill Lynch was the refinancing agent.

Ares CLO Management XXIII, LP manages the CLO.

Los Angeles-based Ares Management was previously in the primary market in July with the $1.26 billion Ares XXXI CLO Ltd./Ares XXXI CLO LLC offering.

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