Chicago, Jan. 4 – Ares U.S. CLO Management III LLC sold $506.25 million in a collateralized loan obligation being issued by Ares LXII CLO Ltd./Ares LXII CLO LLC, according to a pre-sale report.
The notes will mature on Jan. 25, 2034.
The CLO consists of $307.5 million of class A-1 senior secured floating-rate notes at Libor plus 113 basis points, $17.5 million of class A-2 senior secured floating-rate notes at Libor plus 155 bps, $55 million of class B senior secured floating-rate notes at Libor plus 170 bps, $30 million of class C senior secured deferrable floating-rate notes at Libor plus 210 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 675 bps and $47.5 million of subordinated notes.
Ares U.S. CLO Management III LLC will manage the collateral through the end of the reinvestment period on Jan. 25, 2027.
The CLO will be collateralized by senior secured loans, cash and eligible investments with most borrowers based in the United States and Canada.
The notes can be called starting Jan. 25, 2024.
Goldman Sachs and Co. LLC was the placement agent.
The alternative asset management firm is based in Los Angeles and is a subsidiary of Ares Management Corp.
Issuer: | Ares LXII CLO Ltd./Ares LXII CLO LLC
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Issue: | Floating-rate notes and subordinated notes
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Amount: | $506.25 million
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Maturity: | Jan. 25, 2034
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Structure: | Cash flow CLO
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Placement agent: | Goldman Sachs and Co. LLC
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Manager: | Ares U.S. CLO Management III LLC
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Call feature: | Jan. 25, 2024
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Settlement date: | Dec. 27
|
|
Class A-1 notes
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Amount: | $307.5 million
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Securities: | Senior secured floating-rate notes
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Coupon: | Libor plus 113 bps
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Rating: | S&P: AAA
|
|
Class A-2 notes
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Amount: | $17.5 million
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Securities: | Senior secured floating-rate notes
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Coupon: | Libor plus 155 bps
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Rating: | S&P: NR
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|
Class B notes
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Amount: | $55 million
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Securities: | Senior secured floating-rate notes
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Coupon: | Libor plus 170 bps
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Rating: | S&P: AA
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Class C notes
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Amount: | $30 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | Libor plus 210 bps
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Rating: | S&P: A
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Class D notes
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Amount: | $30 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | Libor plus 310 bps
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Rating: | S&P: BBB-
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Class E notes
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Amount: | $18.75 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | Libor plus 675 bps
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Rating: | S&P: BB-
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Subordinated notes
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Amount: | $47.5 million
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Securities: | Subordinated notes
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