Chicago, Sept. 5 – Ares CLO Management LLC reset for $405.6 million the collateralized loan obligation issued by Ares LXVI CLO Ltd., according to new issue reports.
The notes will now mature on July 25, 2036.
The CLO consists of $256 million of class A-R senior floating-rate notes, $48 million of class B-R senior floating-rate notes at SOFR plus 250 bps, $22.2 million of class C-R mezzanine deferrable floating-rate notes at SOFR plus 300 bps, $23.4 million of class D-R mezzanine deferrable floating-rate notes at SOFR plus 500 bps, $16 million of class E-R mezzanine deferrable floating-rate notes at SOFR plus 700 bps and $40 million of subordinated notes.
The original CLO, closed in August 2022, consisted of $180 million of class A-1a senior floating-rate notes at SOFR plus 210 basis points, $61 million of class A-1b senior floating-rate notes at SOFR plus 205 bps, $15 million of class A-1c 4.79% senior fixed-rate notes, $10 million of class A-2 senior floating-rate notes at SOFR plus 260 bps, $31 million of class B senior floating-rate notes at SOFR plus 315 bps, $24.6 million of class C mezzanine deferrable floating-rate notes at SOFR plus 396 bps, $18 million of class D-1 mezzanine deferrable floating-rate notes at SOFR plus 513 bps, $8.4 million of class D-2 mezzanine deferrable floating-rate notes at SOFR plus 623 bps, $15 million of class E mezzanine deferrable floating-rate notes at SOFR plus 874 bps and $40 million of subordinated notes.
Ares CLO Management LLC will manage the collateral through the end of the extended five-year reinvestment period.
Collateral for the notes consists of broadly syndicated senior secured corporate loans.
The non-call period has also been extended.
The alternative asset management firm is based in Los Angeles and is a subsidiary of Ares Management LP.
| Issuer: | Ares LXVI CLO Ltd.
|
| Issue: | Floating-rate notes and subordinated notes
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| Amount: | $405.6 million
|
| Maturity: | July 25, 2036
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| Structure: | Cash flow CLO
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| Manager: | Ares CLO Management LLC
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| Pricing date: | Aug. 23
|
| Settlement date: | Aug. 23
|
|
|
| Class A-R notes
|
| Amount: | $256 million
|
| Securities: | Senior floating-rate notes
|
| Rating: | Moody's: Aaa
|
|
|
| Class B-R notes
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| Amount: | $48 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | SOFR plus 250 bps
|
| Rating: | Fitch: AA
|
|
|
| Class C-R notes
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| Amount: | $22.2 million
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| Securities: | Mezzanine deferrable floating-rate notes
|
| Coupon: | SOFR plus 300 bps
|
| Rating: | Fitch: A
|
|
|
| Class D-R notes
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| Amount: | $23.4 million
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| Securities: | Mezzanine deferrable floating-rate notes
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| Coupon: | SOFR plus 500 bps
|
| Rating: | Fitch: BBB-
|
|
|
| Class E-R notes
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| Amount: | $16 million
|
| Securities: | Mezzanine deferrable floating-rate notes
|
| Coupon: | SOFR plus 700 bps
|
| Rating: | Fitch: BB-
|
|
|
|
|
| Subordinated notes
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| Amount: | $40 million
|
| Securities: | Subordinated notes
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