Chicago, July 7 – Ares CLO Management LLC priced $391.6 million of notes in a collateralized loan obligation being issued by Ares Loan Funding II Ltd./Ares Loan Funding II LLC, according to a presale report.
The notes will mature on July 20, 2033.
The CLO consists of $240 million of class A senior secured floating-rate notes at SOFR plus 183 basis points, $64 million of class B senior secured floating-rate notes at SOFR plus 240 bps, $23.5 million of class C senior secured deferrable floating-rate notes at SOFR plus 290 bps, $23 million of class D senior secured deferrable floating-rate notes at SOFR plus 418 bps, $12.75 million of class E senior secured deferrable floating-rate notes at SOFR plus 782 bps and $28.35 million of subordinated notes.
Ares CLO Management LLC will manage the collateral through the end of the reinvestment period on July 20, 2025.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting July 14, 2023.
Citigroup Global Markets Inc. was the placement agent.
The alternative asset management firm is based in Los Angeles.
| Issuer: | Ares Loan Funding II Ltd./Ares Loan Funding II LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $391.6 million
|
| Maturity: | July 20, 2033
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | Ares CLO Management LLC
|
| Call feature: | July 14, 2023
|
| Settlement date: | July 14
|
|
|
| Class A notes
|
| Amount: | $240 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 183 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $64 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 240 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $23.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 290 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $23 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 418 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $12.75 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 782 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $28.35 million
|
| Securities: | Subordinated notes
|
|
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