Chicago, Dec. 14 – Ares Management Ltd. sold €398 million in a collateralized loan obligation being issued by Ares European CLO XVI DAC, according to an offering document.
The notes will mature on July 15, 2035.
The CLO consists of €1.5 million of class X senior secured floating-rate notes at Euribor plus 98 basis points, €114.3 million of class A senior secured floating-rate notes at Euribor plus 220 bps, €115 million of class A senior secured floating-rate loans at Euribor plus 220 bps, €33.3 million of class B-1 senior secured floating-rate notes at Euribor plus 401 bps, €11.5 million of class B-2 7% senior secured fixed-rate notes, €21.6 million of class C senior secured deferrable floating-rate notes at Euribor plus 467 bps, €17.7 million of class D senior secured deferrable floating-rate notes at Euribor plus 631 bps, €16 million of class E senior secured deferrable floating-rate notes at Euribor plus 836 bps, €16 million of class F senior secured deferrable floating-rate notes at Euribor plus 975 bps and €51.1 million of subordinated notes.
Ares Management Ltd. will manage the collateral through the end of the reinvestment period on July 15, 2027.
Collateral for the notes consists of senior secured obligations.
The notes can be called starting May 30, 2024.
BofA Securities was the placement agent.
Ares European Loan Management is an asset management firm based in London.
| Issuer: | Ares European CLO XVI DAC
|
| Issue: | Floating-rate notes, floating-rate loans and subordinated notes
|
| Amount: | €398 million
|
| Maturity: | July 15, 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Securities
|
| Manager: | Ares Management Ltd.
|
| Call feature: | May 30, 2024
|
| Pricing date: | Nov. 29
|
| Settlement date: | Nov. 30
|
|
|
| Class X notes
|
| Amount: | €1.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 98 bps
|
| Price: | Par
|
| Rating: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class A notes
|
| Amount: | €114.3 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 220 bps
|
| Price: | Par
|
| Rating: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class A loans
|
| Amount: | €115 million
|
| Securities: | Senior secured floating-rate loans
|
| Coupon: | Euribor plus 220 bps
|
| Price: | Par
|
| Rating: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | €33.3 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 401 bps
|
| Price: | 99.5
|
| Rating: | S&P: AA
|
| Fitch: AA
|
|
|
| Class B-2 notes
|
| Amount: | €11.5 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 7%
|
| Price: | 98
|
| Rating: | S&P: AA
|
| Fitch: AA
|
|
|
| Class C notes
|
| Amount: | €21.6 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 467 bps
|
| Price: | 98
|
| Rating: | S&P: A
|
| Fitch: A
|
|
|
| Class D notes
|
| Amount: | €17.7 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 631 bps
|
| Price: | 96
|
| Rating: | S&P: BBB-
|
| Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | €16 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 836 bps
|
| Rating: | S&P: BB-
|
| Fitch: BB-
|
|
|
| Class F notes
|
| Amount: | €16 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 975 bps
|
| Price: | 90
|
| Rating: | S&P: B-
|
| Fitch: B-
|
|
|
| Subordinated notes
|
| Amount: | €51.1 million
|
| Securities: | Subordinated notes
|
|
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