Chicago, Feb. 8 – Ares Management Ltd. sold €511.05 million in a collateralized loan obligation issued by Ares European CLO XV DAC, according to multiple notices.
The notes will mature on Jan. 15, 2036.
The CLO consists of €310 million of class A senior secured floating-rate notes at Euribor plus 95 basis points, €33.75 million of class B-1 senior secured floating-rate notes at Euribor plus 170 bps, €15 million of class B-2 1.95% senior secured fixed-rate notes, €32.5 million of class C senior secured deferrable floating-rate notes at Euribor plus 210 bps, €34.375 million of class D senior secured deferrable floating-rate notes at Euribor plus 315 bps, €25.625 million of class E senior secured deferrable floating-rate notes at Euribor plus 611 bps, €15 million of class F senior secured deferrable floating-rate notes at Euribor plus 885 bps and €44.8 million of subordinated notes.
Ares Management Ltd. will manage the collateral through the end of the 4.5-year reinvestment period.
Backing the notes are senior, mezzanine, second-lien loans and high-yield bonds.
Citigroup Global Markets Ltd. was the placement agent.
Ares European Loan Management is an asset management firm based in London.
| Issuer: | Ares European CLO XV DAC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | €511.05 million
|
| Maturity: | Jan. 15, 2036
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Ltd.
|
| Manager: | Ares Management Ltd.
|
| Settlement date: | Dec. 16
|
|
|
| Class A notes
|
| Amount: | €310 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 95 bps
|
| Rating: | Moody's: Aaa
|
| Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | €33.75 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 170 bps
|
| Rating: | Moody's: Aa2
|
| Fitch: AA
|
|
|
| Class B-2 notes
|
| Amount: | €15 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 1.95%
|
| Rating: | Moody's: Aa2
|
| Fitch: AA
|
|
|
| Class C notes
|
| Amount: | €32.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 210 bps
|
| Rating: | Moody's: A2
|
| Fitch: A
|
|
|
| Class D notes
|
| Amount: | €34.375 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 315 bps
|
| Rating: | Moody's: Baa3
|
| Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | €25.625 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 611 bps
|
| Rating: | Moody's: Ba3
|
| Fitch: BB-
|
|
|
| Class F notes
|
| Amount: | €15 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 885 bps
|
| Rating: | Moody's: B3
|
| Fitch: B-
|
|
|
| Subordinated notes
|
| Amount: | €44.8 million
|
| Securities: | Subordinated notes
|
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