Chicago, Aug. 11 – Ares CLO Management LLC refinanced $499 million from a collateralized loan obligation originally issued by Ares LV CLO Ltd./Ares LV CLO LLC, according to a pre-sale report.
The notes will now mature on July 15, 2034.
The refinanced CLO consists of $305 million of class A-1-R senior secured floating-rate notes at Libor plus 113 basis points, $15 million of class A-2-R senior secured floating-rate notes at Libor plus 135 bps, $60 million of class B-R senior secured floating-rate notes at Libor plus 170 bps, $27.5 million of class C-R senior secured deferrable floating-rate notes at Libor plus 210 bps, $32.5 million of class D-R senior secured deferrable floating-rate notes at Libor plus 315 bps, $17.5 million of class E-R senior secured deferrable floating-rate notes at Libor plus 635 bps and $41.5 million of subordinated notes.
Originally, the CLO sold $287.5 million of class A-1 senior floating-rate notes at Libor plus 170 bps, $10 million of class A-2 senior floating-rate notes at Libor plus 190 bps and $66 million of class B senior floating-rate notes at Libor plus 250 bps.
The CLO also originally priced $30 million of class C mezzanine deferrable floating-rate notes at Libor plus 340 bps, $30.5 million of class D mezzanine deferrable floating-rate notes at Libor plus 483 bps, $19 million of class E mezzanine deferrable floating-rate notes at Libor plus 620 bps and $36.7 million of subordinated notes.
Ares CLO Management LLC will manage the collateral through the end of the reinvestment period on July 15, 2026.
The notes can be called starting July 15, 2023.
J.P. Morgan Securities LLC was the placement agent.
Ares Management is a Los Angeles-based alternative asset management firm.
| Issuer: | Ares LV CLO Ltd./Ares LV CLO LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $499 million
|
| Maturity: | July 15, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Manager: | Ares CLO Management LLC
|
| Call feature: | July 15, 2023
|
| Settlement date: | July 15
|
|
|
| Class A-1-R notes
|
| Amount: | $305 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 113 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2-R notes
|
| Amount: | $15 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 135 bps
|
|
|
| Class B-R notes
|
| Amount: | $60 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $27.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 210 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $32.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 315 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R notes
|
| Amount: | $17.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 635 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $41.5 million
|
| Securities: | Subordinated notes
|
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