Ares Loan Management markets €410.2 million notes in Ares European CLO XI offering

By Cristal Cody

Tupelo, Miss., Feb. 22 – Ares European Loan Management LLP plans to price €410.2 million of notes due April 15, 2032 in a new euro-denominated collateralized loan obligation offering, according to a market source.

The Ares European CLO XI BV transaction includes €2 million of class X senior secured floating-rate notes (Aaa//AAA), €240 million of class A-1 senior secured floating-rate notes (Aaa//AAA), €7 million of class A-2 floating-rate notes (Aaa//AAA), €19 million of class B-1 senior secured floating-rate notes (Aa2//AA) and €20 million of class B-2-R senior secured fixed-rate notes (Aa2//AA).

The offering also includes €21 million of class C senior secured deferrable floating-rate notes (A2//A); €28.5 million of class D senior secured deferrable floating-rate notes (Baa3//BBB-); €24.5 million of class E senior secured deferrable floating-rate notes (Ba3//BB-); €9.5 million of class F senior secured deferrable floating-rate notes (B3//B-) and €38.7 million of subordinated notes.

Citigroup Global Markets Ltd. is the placement agent.

Ares European Loan Management will manage the CLO.

The offering has a two-year non-call period and a 4.5-year reinvestment period.

Settlement is expected April 25.

The CLO is backed mainly by euro-denominated senior secured loans and senior secured bonds.

Ares is an asset management firm based in London.

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