Chicago, April 8 – Ares U.S. CLO Management III LLC Series A sold $604.9 million in a collateralized loan obligation being issued by Ares LXV CLO Ltd./Ares LXV CLO LLC, according to a pre-sale report.
The notes will mature on July 25, 2034.
The CLO consists of $369 million of class A-1 senior secured floating-rate notes at SOFR plus 144 basis points, $21 million of class A-2 senior secured floating-rate notes at SOFR plus 175 bps, $66 million of class B senior secured floating-rate notes at SOFR plus 205 bps, $36 million of class C senior secured deferrable floating-rate notes at SOFR plus 250 bps, $36 million of class D senior secured deferrable floating-rate notes at SOFR plus 375 bps, $21.9 million of class E senior secured deferrable floating-rate notes at SOFR plus 750 bps and $55 million of subordinated notes.
Ares U.S. CLO Management III LLC Series A will manage the collateral through the end of the reinvestment period on July 25, 2027.
Collateral for the notes consists of a portfolio of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting July 25, 2024.
Goldman Sachs & Co. LLC was the placement agent.
The alternative asset management firm is based in Los Angeles and is a subsidiary of Ares Management LP.
This is the collateral manager’s second CLO of 2022.
| Issuer: | Ares LXV CLO Ltd./Ares LXV CLO LLC
|
| Issue: | Floating-rate notes and subordinated notes
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| Amount: | $604.9 million
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| Maturity: | July 25, 2034
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| Structure: | Cash flow CLO
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| Placement agent: | Goldman Sachs & Co. LLC
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| Manager: | Ares U.S. CLO Management III LLC Series A
|
| Call feature: | July 25, 2024
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| Settlement date: | June 6
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|
| Class A-1 notes
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| Amount: | $369 million
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| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 144 bps
|
| Rating: | Moody's: AAA
|
|
|
| Class A-2 notes
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| Amount: | $21 million
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| Securities: | Senior secured floating-rate notes
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| Coupon: | SOFR plus 175 bps
|
|
|
| Class B notes
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| Amount: | $66 million
|
| Securities: | Senior secured floating-rate notes
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| Coupon: | SOFR plus 205 bps
|
| Rating: | Moody's: AA
|
|
|
| Class C notes
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| Amount: | $36 million
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| Securities: | Senior secured deferrable floating-rate notes
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| Coupon: | SOFR plus 250 bps
|
| Rating: | Moody's: A
|
|
|
| Class D notes
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| Amount: | $36 million
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| Securities: | Senior secured deferrable floating-rate notes
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| Coupon: | SOFR plus 375 bps
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| Rating: | Moody's: BBB-
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|
|
| Class E notes
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| Amount: | $21.9 million
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| Securities: | Senior secured deferrable floating-rate notes
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| Coupon: | SOFR plus 750 bps
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| Rating: | Moody's: BB-
|
|
|
| Subordinated notes
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| Amount: | $55 million
|
| Securities: | Subordinated notes
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